FoundationM China InternetThe Metaverse - The Next Mobile Internet?We project Metaverse TAM (ex-NFT) of US$8tn, but mass adoption will take a long time given major technological and regulatory hurdles. Hardware (Goertek, Sunny, Luxshare) and semis (MediaTek, Will, TSMC) offer early exposure to VR headsets. Internet (Tencent, NTES) will likely benefit later.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.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. January 25, 2022 09:52 PM GMT
FoundationM2 Contributors Morgan Stanley Asia Limited+Gary YuEquity Analyst+852 2848-6918Gary.Yu@morganstanley.comMorgan Stanley Asia Limited+Alex PoonEquity Analyst+852 3963-3838Alex.Poon@morganstanley.comMorgan Stanley Asia Limited+Alex KoEquity Analyst+852 2239-1225Alex.Ko@morganstanley.comMorgan Stanley Asia Limited+Joanne LauResearch Associate+852 3963-1592Joanne.CY.Lau@morganstanley.comMorgan Stanley Asia Limited+Steven TsaiEquity Analyst+852 2848-7217Steven.Tsai@morganstanley.comMorgan Stanley Asia Limited+Devilla ZhangResearch Associate+852 2848-7365Devilla.H.Zhang@morganstanley.comMorgan Stanley Asia Limited+Eddy Wang, CFAEquity Analyst+852 2239-7339Eddy.Wang@morganstanley.comMorgan Stanley Asia Limited+Cathy TangResearch Associate+852 2239-7208Cathy.Tang@morganstanley.comMorgan Stanley Asia Limited+Kathy ZhuResearch Associate+852 3963-2618Kathy.Zhu@morganstanley.comMorgan Stanley Asia Limited+Yang LiuEquity Analyst+852 2239-1911Yang.Liu@morganstanley.comMorgan Stanley Asia Limited+Rebecca XuEquity Analyst+852 2848-7359Rebecca.Xu@morganstanley.comMorgan Stanley Taiwan Limited+Charlie ChanEquity Analyst+886 2 2730-1725Charlie.Chan@morganstanley.comMorgan Stanley Taiwan Limited+Sharon ShihEquity Analyst+886 2 2730-2865Sharon.Shih@morganstanley.comMorgan Stanley Asia Limited+Andy Meng, CFAEquity Analyst+852 2239-7689Andy.Meng@morganstanley.comMorgan Stanley & Co. LLCBrian Nowak, CFAEquity Analyst+1 212 761-3365Brian.Nowak@morganstanley.com
FoundationMMorgan Stanley Research3The Metaverse - The Next Mobile Internet?A sizeable Metaverse total addressable market (TAM) of US$8.0tn, similar to US$8.3tn in the US: The first TAM (US$3.9tn) assumes "online migration"; the Metaverse will become the next-gen-eration platform to replace the mobile internet, including social / media / entertainment offerings with an immersive e...
