Global Physical AI Framing the Forward Progress of Humanoids [Replay]

Equity Research 16 September 2026 | 2:58AM EDT

Global Physical AI: Framing the Forward Progress of Humanoids [Replay]

Eric Sheridan | Goldman Sachs & Co. LLC

Jacqueline Du | Goldman Sachs (Asia) L.L.C.

Mark Delaney, CFA | Goldman Sachs & Co. LLC We discuss how physical AI is evolving across hardware, software, and Michael Snaith semiconductors, and why we have raised our forecast for the global humanoid | robot market to reach ~890,000 units by 2030 and 6.5 million units by 2035, Goldman Sachs (Asia) L.L.C. which represents a $138 billion market opportunity.

In addition, we recently launched Executive Perspectives powered by Goldman Sachs, a new global initiative that looks to capture insights directly from companies across our global coverage. We discuss the results from our inaugural robotics and physical-AI survey, which show that ~40% of respondents expect general-purpose robotics to automate at least 10% of workflows within the next 3-5 years.

Global Physical AI: Framing the Forward Progress of Humanoids (with a Studied Focus on the Logistics Landscape)

China Industrial Tech: Robotics & Automation: Asia Leaders Conference 2026 Takeaways: Demand rotation, global expansion and humanoid robot momentum

China Humanoid Robot: 2026 WHRG takeaways: Applications broaden, autonomy bar raised

Goldman Sachs does and seeks to do business with companies 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. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Global Physical AI

Reg AC We, Eric Sheridan, Jacqueline Du, Mark Delaney, CFA and Michael Snaith, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division. Contributing Authors: Eric Sheridan Goldman Sachs & Co. LLC, Jacqueline Du Goldman Sachs (Asia) L.L.C., Mark Delaney, CFA Goldman Sachs & Co. LLC, Michael Snaith Goldman Sachs (Asia) L.L.C.. Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.

GS Factor Profile The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks) and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth, Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may vary depending on the fiscal year, industry and region, but the standard approach is as follows: Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a higher percentile indicating a higher growth company. Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based on a stock’s forward-looking P/E, P/B, price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile indicating a stock trading at a higher multiple. The Integrated percentile is calculated as…