Robotics: humanoid robots & the companies building them

Investment angle: Morgan Stanley has revised its China humanoid shipment forecast upward twice within a single year — from an initial 14,000 units to 28,000, then to 50,000 units for 2026, with annual shipments projected to reach 446,000 by 2030. Goldman Sachs projects the humanoid market could reach $38 billion by 2035 with roughly 1.4 million units shipped, while Morgan Stanley's longer-range estimate puts the total market (including services) at $5 trillion by 2050. The gap between those numbers isn't a contradiction — it reflects different scopes and timeframes — but the direction is consistent: real commercial deployment is accelerating faster than initial models anticipated, particularly in China.