Goldman Sachs: Humanoids and memory Memory is expected to be up to 40% of semiconductor dollar content for humanoid robots (excluding GPU/CPUs). Goldman Sachs: Although content can vary, we assume an average system (DRAM) memory of about 128GB for a single humanoid unit, with a non-volatile (NAND) memory of about 1TB. Based on an assumed system memory of 128GB and a non-volatile memory capacity of approximately 1TB, we see a SAM range of between $250-$350 for DRAM and $350-$450 for NAND, for a total memory SAM of between $600-$800 or more per unit. Given the significant edge compute workloads of humanoid units, we expect that at least a portion of each system’s memory will rely on HBM, which is primarily supplied by Micron, Samsung, and SK Hynix where competition from Chinese memory makers (such as CXMT) may be limited in the near-term. Though whether humanoid manufacturers will decide to source HBM and traditional DRAM from separate vendors remains to be seen. Prices for DRAM and NAND memory can vary, though we utilize the rough market price for memory at the time of writing in our assumptions given that many LTAs have been struck at these levels. $DRAM