Morgan Stanley Initiates Robotics Coverage with Humanoid Tech 25
Lidar manufacturer Hesai Technology named as critical enabler for embodied AI.
Morgan Stanley formally initiated coverage on the emerging "Physical AI" sector on December 15, 2025, releasing a research note titled "Humanoid Tech 25." The report identifies twenty-five critical technology suppliers expected to underpin the supply chain for humanoid robotics, projecting a total addressable market for robot chips to reach $305 billion by 2045.
Lidar as a Perception Standard
A key takeaway from the report was the inclusion of Hesai Technology as the sole lidar provider on the list. This selection signals a shift in the architectural consensus for humanoid robots. - Safety Criticality: The report argues that while cameras …
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