Goldman Sachs: Humanoid Robot Memory Value per Unit Expected to Reach $600–$800

Odaily Planet Daily reported that Paradis posted on X platform, stating that Goldman Sachs pointed out that memory in humanoid robots is expected to account for up to 40% of their semiconductor value, excluding GPU and CPU.

Goldman Sachs stated that although memory configurations may vary, their assumption is that each humanoid robot carries an average of approximately 128GB of DRAM memory and about 1TB of NAND non-volatile memory. Based on this assumption, the serviceable addressable market for DRAM per unit is $250–$350, for NAND it is $350–$450, bringing the total serviceable addressable market for memory per unit to $600–$800 or higher.

Given the high edge computing load in humanoid robots, Goldman Sachs expects that at least part of the memory in each system will use HBM. HBM is mainly supplied by Micron, Samsung, and SK Hynix, and in the short term, Chinese memory manufacturers, including ChangXin Memory (CXMT), may face limited competition. Whether humanoid robot manufacturers will procure HBM and traditional DRAM separately from different suppliers remains to be seen.

DRAM and NAND memory prices may fluctuate, but Goldman Sachs used approximate market prices at the time of writing in its assumptions, as many long-term agreements have already been signed at these price levels.