BEP Research · bepresearch.substack.com

The Humanoid Supply Chain

Everyone prices the brain. The bottleneck is the joints.

hover the robot · click to pin a layer

Robot Anatomy — hover a region

Methodology: layers follow the physical build of a humanoid robot, torso to toe. The bottleneck score ranks how supply-constrained each layer becomes if humanoid volumes reach ~100K units/year — capacity concentration, lead times, and share of joint BOM cost, not company quality. Company lists are representative, not exhaustive. All layer framing, scores, and takes are BEP Research.

DISCLOSURE — Long NVDA, LITE, CRDO, TSEM, LSCC, ALAB, ORCL (2027 LEAPS), BE. Positions flagged in the map. This is research, not investment advice. Do your own work.

© 2026 BEP Research · Ben Pouladian · bepresearch.substack.com · @benitoz