From MS, February 6:
The physical embodiment of AI touches a $60tn TAM, global GDP, and the meaning of work. Morgan Stanley presents the "Humanoid 100" — a global mapping of equities across a range of sectors and regions that may have an important role in bringing robots from the lab to your living room.
As GenAI continues to migrate from the digital world (bits/bytes) to the physical world (atoms/photons) investors are beginning to grasp the enormity of the potential disruption while struggling with "paths to expression" on the theme. In our original Humanoid BluePaper, we introduced the Humanoid 66 — a list of both enablers and beneficiaries that we believed were most exposed at the time. Since then, commercial developments evolved at a rapid pace, especially in China, with many new players announcing their involvement or intentions to become involved.
Investor interest seemed to accelerate meaningfully following NVIDIA CEO Jensen Huang's 2025 CES presentation where he devoted roughly 40 minutes to the topic of physical AI and robotics. We are now fielding questions daily from a broad scope of global investors on how to play the "Embodied AI" theme across a number of angles.
Morgan Stanley has worked across dozens of sector teams to help our clients "map" differing stock expressions that are exposed to one of the most rapidly developing verticals of Embodied AI. We do not pretend to present the "Humanoid 100" as an exhaustive list but rather a starting point in a conversation that will last many years and is sure to follow some exciting and unpredictable chapters along the way. We invite our clients to challenge our list and offer their own ideas of what should or should not be included as they become ever smarter on the humanoid theme and its adjacencies....
....MUCH MORE (86 page PDF)
