Morgan Stanley Global Embodied AI Team December 2025 The Robot Almanac Vol. 2: How to Train Your Robot; Geopolitics; Rare Earths; Sagan’s Prophecy The content addressing private companies is being provided for informational purposes only and does not constitute a solicitation or imply future research coverage if the company goes public. Content is based on unaudited information. No investment recommendation is provided as there is limited public information available for private companies. Investors should conduct their own due diligence and be aware that additional or different information may be provided by the company. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. December 14, 202