Morgan Stanley: AI Infrastructure Meets Humanoids
> Could have $305B semiconductor sales by 2045 related to humanoids, about 24% cost of components coming from semis by that time frame. Up from 5% by today. > Potentially 1B units/year by 2045. > Humanoids within semi ecosystem will be 15% of spend as early as 2040. > Infineon & STMicroelectronics top picks from Europe. Both supplying microcontrollers.> STMicro: AI vision. Time of flight sensors and experience with Mobileye for vision pro sensors.> Infineon: inverters, on board charger, battery management system. > The bill of materials for each of these companies is $500 for Infineon, over $700 when including the power semis. STMicro $300-$600, whether you have a consumer or high end industrial robot. AI Infrastructure> Going towards 800VDC, GaN and SiC will be ~35% of bill of materials for server racks. > The best name based on power efficiency, delivery, roadmap, scale is Infineon. > Infineon has a great array of products an manufacturing advantage such as 300 mil and thin wafer handling.> Two things about servers comes down to as you enter the server and as you enter the GPU. Infineon has growth in both areas with GaN and vertical power delivery. > Infineon is a strong player in 400V and 480V, the Oberon structure as it is called for Nvidia. They do well with TPUs, Trainium, and other ASICs. It is about $1.5B of sales (~10%). Expected to grow to $2.5B and then $3-4B in FY28. $STMicroelectronics NV(STM.US) $Infineon Technologies(IFNNY.US)
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