Barclays Physical AI Mapping the Humanoid Value Chain

Physical AI: Mapping the SIGNATURE Humanoid Value Chain While often framed as a hardware opportunity, humanoids Thematic Investing are as much an AI compute story as a robotics one. We William Thompson

examine the full humanoid value stack (and identify 100+ companies), from foundation models and compute BCI, US

infrastructure to actuators, sensors, batteries and other Hannah Greenberg enabling components. BCI, US Humanoids are as much a compute story as a robotics one. Humanoids represent the next AI European Technology Hardware frontier, extending intelligence from the digital to the physical world. While often framed as a Simon Coles, CFA hardware opportunity, the constraint, at least today, is intelligence. Unlike traditional robots, humanoids require perception, reasoning, and adaptive behavior, making compute a key enabler. Although large-scale economic deployment is likely closer to 2035 than 2030, compute Barclays, UK is needed earlier to support simulation, synthetic data generation, and foundation model European Capital Goods training. By contrast, hardware faces a chicken-and-egg problem: scaling is constrained until Timothy Lee, CFA reliability, safety, and autonomy are proven, while low volumes limit cost reduction, supplier investment, and standardization. Actuators dominate costs (~30–50%), with high-precision gearing supply concentrated in Japan and rare earth dependencies heavily concentrated in Barclays, UK China. UK Capital Goods Jonathan Hurn, CFA Barclays, UK

U.S. Industrial Technology & Distributors Guy Hardwick BCI, US

China Technology Jiong Shao, CFA BCI, US

U.S. Autos & Mobility Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies Dan Levy covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. BCI, US This research report has been prepared in whole or in part by equity research analysts based outside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 48. Completed: 06-Aug-26, 03:38 GMT Released: 06-Aug-26, 04:10 GMT Restricted - External

FIGURE 1. Anatomy of a humanoid: from compute to components Sensory System: Eyes & Ears Centralized Data Center: � Cameras Foundation Model � LiDAR Training, Simulation & Synthetic Data Generation � Radar � High-performance AI processors � Microphones � Memory Rotary Actuators: Muscles & Joints � Precision reducer (gearbox) Physical AI Foundation Models � Precision bearings � Motor / rare earth magnets Edge Compute: The Brain � Sensing systems � Low-latency, energy-e�cient � Encoder AI processors Control, Feedback & Connectivity: � Memory The Nervous System Batteries: The Energy Source � Analog semiconductors (power control, signal conditioning, sensory interfaces) � Rechargeable batteries (predominantly lithium-ion) � Interconnects � Battery management systems � Thermal management Sensory System: Touch Linear Actuators: Muscles & Joints � Force/torque sensors � Ball and planetary roller screws � Distributed pressure-sensitive � Linear guides “electronic skin”