NVIDIA built its robotics position on the data bottleneck — open brain models, world sims, synthetic pipeline as workaround — disclosing physical-AI revenue above $6B in FY26, past $9B trailing. Memory bandwidth helps training, but the embodiment-data gap scales with human teleoperation time, not silicon. Synthetic data narrows sim-to-real but hasn't closed it in verified production.
The only company quantifying humanoid revenue is a US sensor maker at ~$600K/quarter, 1.5% of revenue. Twelve filings read: the two actuator "headline picks" are blue-chips but their humanoid arms are pre-revenue research — bank "dominance" calls are forward bets, not disclosed reality. Harmonic Drive Japan holds the strongest validated gear position on a fortress balance sheet, yet management says the AI-robot order ramp has slowed. The credible roller-screw entrant mentions humanoids zero times. Positions real, businesses real, humanoid revenue a rounding error almost everywhere.