Humanoid Horizons: Do Robots Have a PR Problem?

研报英文原文证据摘录

Humanoid Horizons: Do Robots Have a PR Problem?

Foundation

July 28, 2026 05:09 AM GMT

Morgan Stanley & Co. LLCMRobotics | North America Adam Jonas, CFA

Equity Analyst

Humanoid Horizons: Do Robots Adam.Jonas@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-1726

Sheng Zhong

Equity AnalystHave a PR Problem? Sheng.Zhong@morganstanley.com +852 2239-7821

Humanoids (and many other robots) are frequently advertised as Morgan Stanley & Co. LLC

William Tackett, CFA

Research Associateworker replacements before they've even replaced anyone. We

William.Tackett@morganstanley.com +1 212 761-6028

feel strongly that the situation is not zero-sum. Social pushback,

still in its early days, may prove to be a bigger barrier than Morgan Stanley Asia Limited+

Carlos Chai

Research Associatetechnological factors.

Carlos.Chai@morganstanley.com +852 3963-3180

Morgan Stanley & Co. LLC

Andrew S Percoco

Andrew.Percoco@morganstanley.com +1 212 296-4322

Daniela M Haigian

Daniela.Haigian@morganstanley.com +1 212 761-6071

We provide our latest thoughts and key highlights across the robotics Morgan Stanley Asia Limited+

Chelsea Wang

ecosystem: Equity Analyst

Jinlin.Wang@morganstanley.com +852 2239-1118

• Do Robots have a PR Problem? Hyundai’s labor dispute over the future use

of Boston Dynamics’ Atlas highlights a broader communications challenge

for the sector. Even before any meaningful deployment, humanoids are often

framed publicly (by both investors and companies) as direct substitutes for

workers rather than tools for hazardous, repetitive or labor-constrained

tasks. The industry’s social license to deploy may matter just as much as

technical performance. It is often easiest and most intuitive to frame the

robotics TAM as workforce multiplied by wages (we have also been guilty of