TradingKey - In its recent update to the "Humanoid 100" stock list, Morgan Stanley analysts have expanded the humanoid robot supply chain beyond traditional chipmakers and tech firms to include game developers and cybersecurity companies, which are expected to play key roles in data training and AI security for humanoid robots.

Morgan Stanley has added game companies such as Unity (U), Roblox (RBLX), and Take-Two (TTWO), along with cybersecurity firms including CyberArk (CYBR) and Palo Alto Networks (PANW), to its updated list. These companies are seen as crucial enablers of embodied artificial intelligence.

Analysts noted that game companies, with their expertise in building virtual environments, can be instrumental in training humanoid robots in simulated settings. They also possess vast databases on user behaviors and responses to various stimuli — valuable assets for AI development.

As AI becomes increasingly embedded in the physical world, the number and severity of security threats are likely to rise, giving cybersecurity firms a growing role in safeguarding AI systems.

Morgan Stanley expects that humanoid robots will generate significant demand for cybersecurity services, driven by growth in IT infrastructure, expanding user bases, and the proliferation of AI agent technologies that widen potential attack surfaces.

Notably, Morgan Stanley removed semiconductor firms such as Micron Technology (MU) and SK Hynix (HX) from the list, citing their limited relevance or smaller scale compared to other players on the list.

Performance YTD in 2025

So far this year:

• Unity: +6.41%
• Roblox: +77.41%
• Take-Two Interactive: +30%
• CyberArk: +16.61%
• Palo Alto Networks: +9.79%

These returns outperformed broader market gains — the S&P 500 rose 1.69%, and the Nasdaq gained 1.22% year-to-date in 2025.

Long-Term Outlook

Morgan Stanley forecasts that the global humanoid robot market could reach $5 trillion by 2050, with over 1 billion units deployed worldwide. 90% of robots will be used in repetitive, simple, and structured tasks, and China is projected to lead global adoption at around 30% market share.

This latest shift reflects a growing consensus: the future of robotics isn’t just about hardware — it’s also about software, simulation, and security.

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