Robots are coming: Morgan Stanley updates its ‘Humanoid 100’ stock list
Jun. 18, 2025 9:41 AM ET
By: Sinchita Mitra, SA News Editor
Morgan Stanley updated its "Humanoid 100" stock list to add companies from two sectors: video game developers and cybersecurity firms.
The "Humanoid 100" list tracks key enablers of physical artificial intelligence, and the additions of the two sectors reaffirm the belief that the AI transition will go beyond chips and robots.
Video game developers
Morgan Stanley added Unity (NYSE: U), Roblox (NYSE: RBLX) and Take-Two (NASDAQ: TTWO) to its list.
"The MS Humanoid & Embodied AI team believes that video game developers, as creators of aforementioned hyperrealistic simulated worlds (and the action of playing the game itself) will eventually play a major role in training the impending robot tsunami," analysts led by Adam Jonas said.
Unity (NYSE: U): Morgan Stanley believes U will be useful for training humanoids in simulated environments, and firms can ensure the efficacy of a humanoid’s task-oriented action in a safe and controlled setting.
The company can also be used as a source of data to train robotics through observed player behavior and reactions to different stimuli.
Roblox (NYSE: RBLX)/Take-Two (NASDAQ: TTWO): Both companies have rich datasets of player activity and reactions to stimuli, which can be applied to training AI robotics. The tools from each of the firms can be used to create environments for robotics trainings.
Cybersecurity Firms
"As AI penetrates the physical world—spanning manufacturing, retail, and everyday households—both the total number and severity posed by vulnerable 'threat vectors' will rise considerably. Cybersecurity firms will be critical to protecting the rapidly expanding surface area of IT," Jonas said.
Morgan Stanley added the following firms to its list under cybersecurity:
CyberArk (NASDAQ: CYBR): The firm is expected to benefit from a growth in IT assets, the number of users that will need protection, and the adoption of AI agents that drive an expanding attack surface area.
"Physical AI and its proliferation across the enterprise hasn’t been a material focus in investor conversations, though, CyberArk is in a unique position to potentially benefit from the ongoing increase in enterprise OT footprints," Morgan Stanley said.
Palo Alto Networks (NASDAQ: PANW): The firm recently launched a suite targeting the AI security market, which will help clients to secure access, workloads, and AI-related traffic.
"Longer-term, Palo Alto Networks should benefit as a leader in the AI security market given the need for 1) securing employee access to AI, 2) securing AI workloads in the Cloud, and 3) securing AI-related network traffic," Morgan Stanley said.
Apart from the additions, Morgan Stanley also removed some names from its list: Micron (NASDAQ: MU), NXP Semiconductor (NASDAQ: NXPI), SK Hynix, Valeo, and Zhongda Leader.
"We remove these companies due to either relatively limited materiality for physical AI or small size vs. other companies in the list," Jonas said.
Below are the firms in Morgan Stanley's updated "Humanoid 100" list:
 Morgan Stanley
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