摩根士丹利-神经连接：大脑中的人工智能

MorganstanleyRESEARCH

October8,202510:00AMGMT

EmbodiedAI|NorthAmerica

Neuralink:AIinyourbrAIn

AsAIcontinuestomakemachinesmore'human-like'thereareparalleleffortsinmakinghumansmore'machinelike.'Neuralinkisattheforefrontoftherapidlyemergingfieldofbrain

computerimplants(BCI)alongsideanumberofotherprivatecompetitors.Theimplicationsaremindbending.

PrometheusShrugged.AsAImovesintothephysicalworldthroughexpressions

rangingfromrobotaxistohumanoidsandautonomousweaponssystems,we

recommendpayingcloserattentiontodevelopmentsinbrain-computerinterface.

Humansmaybethetechnologicalapexbiologicalspeciesonearth,butourabilitytocommunicatewithoneanotherandtotheever-expandingdigitalOmniverseis

limitedbyourvisual/auditoryreceptorsandfingers(whichCEOElonMuskreferstoasImeatsticksI)andourspeech(lungcapacity,vocalchords,lips,tongueandmouthmuscles).AIisexpandingthecapabilityof(andourdependencyupon)thedigital

worldatanexponentialrate.Atthesametime,theabilityforhumanbeingstoIkeepupIandcommunicatewiththeAIapparatusmaydeteriorateatanexponentialrate.OneofElonMuskIsmanygoalsinfoundingNeuralinkistoIgivehumanityachanceItokeepupwithAGI.

Healthcareasthe'backdoor'tobrainimplants.Conditionsliketraumaticbrain

injuryandmotor-neuronconditions(ie.strokes,ALS)havealignedgenuinemedicalneedwithapopulationofwillingsubjectsforclinicaltrials.Themostvaluable

machineintheworldisyourownhumanbodyandthebodiesofyourlovedones.Afocusonachievingsuperiorhealthcareoutcomeswilldrivemoreambitious

developmentofBCIatapacefarfasterthancurrentlyanticipatedbythemarket.

Profoundinvestmentimplications.Imagineaworldwherethoughtsalonecan

controlprostheticsorstreamdatafasterthantypingevercould.Brain-computerimplantsarealreadythereasdemonstratedbyhumantrialsofNeuralinkandits

competitors.Forinvestors,theimplicationsareprofound,rangingfromhealthcaretogaming,socialmediaanddefense.Whilethetopicofmanysci-fibooksandfilms,brain-computerinterfaces(BCI)arethenewfrontierforhumanityandwillentailahostofmoral/ethicalandlegal-regulatoryconsiderationsalongtheway.

InthisNoteYouWillFind:

•

NeuralinkStory&Developments

•

MajorGlobalBCICompetitors

•

AShortHistoryofBrain-ComputerInterfaces

Foundation

MorganStanley&Co.LLC

AdamJonas,CFA

EquityAnalyst

212761-1726

+1

Adam.Jonas@

KallumLTitchmarsh

EquityAnalyst

212761-2351

+1

Kallum.Titchmarsh@

WilliamTackett,CFA

ResearchAssociate

212761-6028

+1

William.Tackett@

AndrewSPercoco

EquityAnalyst

212296-4322

+1

Andrew.Percoco@

DanielaMHaigian

EquityAnalyst

212761-6071

+1

Daniela.Haigian@

Autos&SharedMobility

NorthAmerica

IndustryViewIn-Line

MedicalTechnology

NorthAmerica

IndustryViewAttractive

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthis

report.

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•

TheNear-TermHealthcareTAM

•

RegulatoryConsiderations

•

TheLonger-TermBCIOpportunity

•Throughout,weincludetakeawaysfromourmeetingswiththemanagementofNeuralinkandcompetitorsSynchronandPrecisionNeuroscience.

Exhibit1:HumanBrainasthe'InnerCosmos':MultipleInterfacesBetweenBrainandExternalReality

Source:Tesla,Shutterstock,DJI,Neuralink,MorganStanleyResearch

SizinguptheBCIMarket:Backin2024weattemptedtovaluetheBCImarketin

ourprimerpiece,leadingustocalculateaTAMofapproximately$400bnintheUSalone(see

BrainComputerInterfacePrimer:TheNextBigMedTechOpportunity?)

.We'vesinceengagedinplentyofdiscussionwithindustrystakeholders,manyof

whombelieveourestimateskewsconservative,withfocusnowcenteredtowardsacommercialrolloutinthenottoodistantfuture.Whileourinitial$400bnTAM

estimateonlyconsideredhealthcareapplicationstailoredtowardsindividualswithsevereillnesses,manyquestionswereraisedonthepotentialbroadeningoftargetusers,includingwarfareandgaming.Withsuchalargeopportunitytocapture,we'vesinceseenincrementalcapitalraisedamongstcompetitors,aswellasanincreasingnumberofhumansreceivingimplants.

Exhibit2:Early(2025-2035)BCITAMBreakdown($mn,byCondition)

Exhibit3:Intermediate(2035-2045)BCITAMBreakdown($mn,by

Condition)

Source:MorganStanleyResearchestimates

Source:MorganStanleyResearchestimates

WerecentlyhadtheopportunitytospeaktoNeuralinkPresidentandCo-

FounderDongjin(DJ)Seo.DJconfirmedthat12patientshavethusfarbeen

implantedwithTelepathyimplants,afigureexpectedtorisetoaround25byyear

endwithacontinuedaccelerationthereaftergivenanindicatedbacklogof10,000individuals.Onaverage,initialpatientshaveusedtheirimplantsfor7.5hoursaday,withonepatientconsistentlyusingtheirsforover100+hoursaweek.Additionally,thelatencybetweenauser’sintentionandthesystem’soutputisroughlytentimesfasterthantypicalbrain-to-muscleresponse,meaningthecomputeroftenreacts

morequicklythantheuseranticipates.Headded,humorously,thataNeuralink

patientmightsoonwinanOlympiceSportsmedalthankstotheirfaster-than-humanreflexes.Weincludeothertakeawaysthroughoutthisnote,includingthosefromconversationswithmanagementteamsofBCIcompetitorsSynchronand

PrecisionNeuroscience.

Exhibit4:NeuralinkCompanyProfile

Source:Neuralink,PitchBook

ForFurtherReading:

•

MedicalTechnology:BrainComputerInterfacePrimer:TheNextBigMedTech

Opportunity?(9Oct2024)

•

EmbodiedAI:HumanoidDisruptors:1XTechnologies(7Apr2025)

•

EmbodiedAI:AIDefenseDisruptors:ShieldAI(5May2025)

•

EmbodiedAI:PhysicalAIDisruptors:AppliedIntuition(28Apr2025)

•

EmbodiedAI:AutonomousDefenseDisruptors:Saronic(7Mar2025)

•

EmbodiedAI:EmbodiedAIDisruptors:Skydio(2Oct2024)

•

EmbodiedAI:DroneDisruptors:Zipline(29Apr2025)

•

EmbodiedAI:EmbodiedAIDisruptorSeries:HadrianAutomation(18Sep

2024)

•

EmbodiedAI:HumanoidDisruptors:MenteeRobotics(2Mar2025)

•

EmbodiedAI:HumanoidDisruptors:NEURARobotics(28Feb2025)

•

EmbodiedAI:HumanoidDisruptors:Unitree-HumanoidsStartingat$16K

(28Jan2025)

•

EmbodiedAI:AIRoboticsDisruptors:PhysicalIntelligence(19Dec2024)

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•

EmbodiedAI:AutonomousVehicleDisruptors:Wayve(14Oct2024)

•

Humanoids:TheHumanoid100:MappingtheHumanoidRobotValueChain

(6Feb2025)

•

ArtificialIntelligence:Humanoids:InvestmentImplicationsofEmbodiedAI

(26Jun2024)

Thecontentaddressingprivatecompaniesisbeingprovidedforinformational

purposesonlyanddoesnotconstituteasolicitationorimplyfutureresearch

coverageifthecompanygoespublic.Noinvestmentrecommendationisprovidedasthereislimitedpublicinformationavailableforprivatecompanies.Investorsshouldconducttheirownduediligenceandbeawarethatadditionalordifferentinformationmaybeprovidedbythecompany.

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NeuralinkStory&Developments

BackgroundandFounding

Neuralink

wasfoundedinJuly2016byElonMuskandagroupofeightscientistsand

engineersacrossneuroscience,biochemistry,androbotics:MaxHodak,DJ(Dongjin)Seo,BenRapoport,PhilipSabes,VanessaTolosa,PaulMerolla,TimHanson,andTimGardner.Muskhasstatedthatthecompanywasinspiredby"neurallace",abrain-computer

interfacefromthesciencefictionseries

TheCulture

thatwasimplantedintoyoungpeopleallowingthemtointeractseamlesslywithmachines-establishinga"symbiotic

relationship"betweenhumansandAI.Tothispoint,theprimarymotivationforNeuralink'sfoundingwastoattempt

togivehumansa"chancetokeepup"withAI

byeffectively

providingpeoplewith"superpowers"andmitigatingeventualhumanobsolescence.

However,inthemorenearterm,MuskandthecompanybelieveBCItechnologycanbe

usedtotreat/supportthosewithneurologicalconditionssuchasparalysis,Alzheimer's,

epilepsy,anddepression.Thecompany'sexistencewasfirstreportedinMarch2017bythe

WallStreetJournal

andconfirmedbyMusk.However,thecompany's

officiallaunchevent

wasnothelduntilover2yearslaterinJuly2019wheretheNeuralinkteamunveileditsN1NeuralChip,surgicalinsertionrobot,andelectrodethreadandneuralrecording

technology.

ElonMuskRecentlyOutlinedtheGoalsofNeuralinkinJune2025:

1.ReduceHumanSuffering:Initially,Neuralinkisfocusedonimprovingthelivesofthosewithdegenerativeneuraldiseasesorinjuriesimpactingthebrain.Withthisinmind,Telepathy,thecompany'sinitialproduct,aimstoallowhumanstointeractwithmachines,suchasarobothand/armormousecursor,therebyallowing

someonewhoisparalyzedtobetterinteractwithacomputerortheir

surroundings.Blindsight,thecompany's2ndproduct,isalsofocusedonthisgoal,restoringvisionforthosewithpartialorfullvisionloss.

2.EnhanceHumanCapabilities:ThenextstepforNeuralinkwouldbetoprovide

humanswithcyberneticenhancement.Forexample,whileBlindsightwillinitiallytargetthosewithvisionloss,Muskandthecompanyeventuallyaimtousethe

technologytoenablesuper-humanvision,includingseeinginfraredandultravioletlight.

3.Understand&ExpandConsciousness:AsNeuralinkaccomplishestheprior2goals,thecompanyhopestoaccomplishthemorephilosophicalgoalof

understanding"whatitmeanstobeconscious".

4.MitigatetheRiskofArtificialIntelligence:Ultimately,thegoalofNeuralinkistoachievehumansymbiosiswithAI-eliminatingthedangersposedbyAItosocietybyturninghumansintocyborgsthatprocessanduseinformationatarate

competitivewithAIbyeffectivelyimplantingsaidAIintohumans.Inthisimaginedworld,machinesandhumanswouldbenaturalextensionsofoneanotherratherthanmachinesbeingareplacementforhumans.

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Exhibit5:GoalsofNeuralinkperElonMusk

Note:AsoutlinedbyElonMuskduringJune2025NeuralinkUpdateWebcast.

Source:Neuralink,MorganStanleyResearch

NeuralinkTeam

AccordingtoPitchBook,Dongjin(DJ)SeoservesasthecompanyIsPresident&COO,

responsibleforoverseeingday-to-dayoperationsalongsideElonMuskwhoservesasCEO.Priortoco-foundingNeuralink,SeowasaPhDresearcheratUCBerkleystudying

ElectricalEngineering,ComputerScience,andNeuroscienceandinvente

dIneuraldustI,

ultra-smallsensorsthatcouldreadandwirelesslytransmitacousticwaveactivityinthebrain

.Dr.MatthewMacDougalls

ervesasHeadNeurosurgeon,practicingoutofSutterHealthinSanFrancisco.OtherkeymembersoftheteamincludeNirEven-Chen(HeadofBrainInterfacesApplications)andConorLenehan(HeadofBrainInterfacesMechanicalEngineering).

Products/Technology

Telepathy:TheinitialproductofNeuralink.Telepathyallowshumanstocontrol

computersentirelywiththeirthoughtsusingN1implant/chiptechnology,assistingthosewithmovementdisorders(injuryordisease).Thetechnologyenableshighchannelreadingofmotorcontrolandspeechoutputsofthebrain.Applicationscurrentlyincludemovingamousecursoronascreen,playingvideogames,andoperatingarobotichand.Itwasfirstimplantedontest-participantNolandArbaughinJanuary2024,andasofSeptember2025,12participantsweretrailingTelepathyintheUSwithapprovalstoexpandtrialsinCanada,theUK,andtheUAE.Accordingtoa

JulyBloombergreport(

notconfirmedbyNeuralinktoourknowledge),thecompanyexpectsregulatoryapprovalby2029,withplanstoperform2,000surgeriesannuallygenerating$100mninrevenue.

•Howitworks:TelepathyreadselectricalsignalsusingthethreadsandelectrodesfromtheN1implantindicatingmovementorspeech,theimplantIschipdecodesdifferentneuralIspikesItoindicatedesiredoutputs,thisisthensentwirelesslytotheNeuralinkapplicationonacomputer,whichthenprocessestheintended

actions.

•WerecentlyspokewithNeuralinkPresidentDJSeowhoconfirmedthat12patientshavethusfarbeenimplantedwithTelepathyimplants,afigureexpectedtorisetoaround25byyearend.Onaverage,theseinitialpatientshaveusedtheirimplantsfor7.5hoursaday,withonepatientconsistentlyusingtheirsforover100+hoursaweek.Additionally,thelatencybetweenauser’sintentionandthesystem’soutputisroughlytentimesfasterthantypicalbrain-to-muscleresponse,meaningthe

computeroftenreactsmorequicklythantheuseranticipates.Headded,

humorously,thataNeuralinkpatientmightsoonwinanOlympiceSportsmedalthankstotheirfaster-than-humanreflexes.

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Exhibit6:Alex(2ndparticipantinNeuralink)UsingNeuralinkTelepathytoPlayCallofDuty

Source:Neuralink

Blindsight:ThesecondproductofNeuralinkisBlindsight,whichaimstoallowthosewithvisionloss(fullorpartialblindness)toregainsightbyenablinghighchannelstimulation(writingintoneurons)ofthevisualcortex.ThiswillbeenabledviatheS2chip,thenext-generationNeuralinkimplant,whichfeatures1,680channelsperchip,highdynamicrangerecordingcapabilities,andlargerelectrodestoreachdeeperintothevisualcortex.

ComparedtoTelepathy,whichonlyreadsneuroglialoutputsignalsfromthebrain,Blindsightstimulates/providesinputssignalsintothebrain.Assuch,Neuralinkhadtocompletelyredesigntheunderlyingimplanttechnology(threads,electrodes,etc.).

Accordingtoa

JulyBloombergreport

(notconfirmedbyNeuralinktoourknowledge),

NeuralinkexpectstolaunchBlindsightin2030,allowingittoexpandsurgeriesto10,000peryeargeneratingover$500millioninrevenue.

•Howitworks:Blindsightfirstleveragesimagecapturefromcameraswornbytheuser(onglassesorotherwise),thisisthensentwirelesslytotheS2chip,

convertedintoelectricalsignalstostimulateneuronsinthevisualcortex,and

finallycreatingvisualperceptionsthatpartiallymimichumansight.TheimplantiscalibratedbyflashingdotsintheuserIsfieldtomapelectrodestospecificsub-

regionsofthevisualcortex.

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Exhibit7:SimulationofaPotentialCalibratedOutputfromBlindsight(ScrollingTextSpellingNeuralink)

Source:Neuralink

Furtherproducts:Eventually,accordingtoSeoonthe

Summer2025update,

Neuralinkwantstoreachdeeperpartsofthebrain,particularlywithwrite/stimulationcapabilitiestoenhancethecapabilitiesofthehumanbrainwithhundredsofthousandsormorechannelsacrossthefullbrain.

NeuralinkHardware

Overview:Fromahighlevel,NeuralinkIsimplant(currentgen

dubbedIN1I)isimplantedflushwiththehumanskullbyacustom-builtsurgicalrobot

(currentgen-IR1I).TheImplantischargedinductivelywithawirelesschargerand

communicateswirelesslywithacomputerorphoneequippedwiththeNeuralinksoftwareapplication.WeincludeahelpfuldiagramfromNeuralinkbelow:

Exhibit8:DiagramofNeuralinkKeyHardware/Software

Source:Neuralink

N1ImplantTechnology:Fromaveryhighlevel,theNeuralinkimplantfunctionsby

extendingthehumanbrain(physicalneurons/nervecells)withasimulatedbrain(neuralnet).TheN1implantisthefirstgenerationNeuralinkimplant,designedtoenablethe

companyIsfirstproduct,ITelepathyI.TheimplantissurgicallyembeddedbytheNeuralink

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surgicalrobottobeflushtothehumanskullwithultra-finethreadswithelectrodesextendingintospecificareasofthebraintocaptureactivityfromindividualneurons.Itcommunicatesandischargedwirelessly,eliminatingtheneedforphysicalconnectors.

WhiletheimplantcurrentlyusedforTelepathycanonly'read'neuralsignalsfromthe

brain,futureversions(upcominggenerationdubbed'S2')willalsobeableto'write'or

transmitartificialneuralsignals(stimulateneurons)toenablethecompany's2ndproduct,'Blindsight',andfutureproducts.

•Summaryof

components:

°CustomASICChip&Electronics:N1implantsleverageaNeuralink-designedchipwhichprocessesneuralsignalsfrom1,024electrodes,digitizesthem,andtransmitsthedatawirelesslytotheNeuralinkapplication.Itisoptimizedforhighbandwidth,lowpowerconsumption,andreal-timeneuraldecoding.

°Threads&Electrodes:TheN1implantuses1,024electrodesattachedto

ultra-thin,flexiblepolymerthreads(4–6mwide)designedtominimizeanytissuedamagewhilerecordingactivityfromindividualneurons.

°ImplantEnclosure:Theimplantishermeticallysealedinabiocompatibleenclosureroughlythesizeofacoinsittingflushwiththeskull.Thehousingcontainsthechip,battery,andwirelesscommunicationhardware.

°Battery:Theimplantleveragesacompactlithium-ionbatterytosupportall-dayoperation.Itisrechargedinductivelyviaawirelesschargingsystem.

°WirelessCommunicationModule:Enableshigh-speeddatatransferbetweentheimplantandtheNeuralinkApplication,removingtheneedforexternal

connectors.

•Manufacturing(Neurafactory):Theimplantsareproducedin-housebyNeuralinkatitsFremont,California'Neurafactory'inacontrolled,cleanroomenvironmentusingcustom-designedprecisionrobotics.Thecompanyseesapathtoeventuallyproducethousandsandeventuallymillionsperyear.

•FutureImplantRoadmapasOutlinedbyNeuralinkin

June2025:

°Currently,thecompanyuses1,024electrodesonthemotorcortex,enablingcursorandgamingconsolecontrol.

°In2026,thenumberofelectrodesisplannedtobeincreasedby3xwith

implantsdirectlyontothespeechcortextodecodewordsfrombrainsignalsandthevisualcortextodecodesignalsfornavigation.

°In2027,Neuralinkplanstofurtherincreasechannelcountwhilealsoenablingtheabilitytohavemultipleimplantstargetingdifferentsegmentsofthebrain.

°In2028,Neuralinkistargeting25kchannelsperimplant,havemultipleimplantsperpatient,abilitytoaccessanypartofthebrainforpsychiatricconditionsandpain,andbegintodemonstratetheabilityforhumanstointegratewithAI.

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Exhibit9:NeuralinkN1ImplantDiagram

Source:Neuralink

R1SurgicalRobot:Giventhenearmicroscopic-natureofimplantthreads,humansurgeonsareunabletomanuallyinsertthemintothebrain.Asaresult,Neuralinkutilizesacustom-buildsurgicalrobottoautonomouslyinsertthethreadsintotherequiredpositionsinthebrain(althoughsupervisedbyanexperiencedsurgeon).Therobotusesadvancedmicron-scaleimagingandcomputervisiontechnologytodetectandavoidbloodvessels,

minimizingdamageduringinsertion.Theheadoftherobotcontainsadvancedopticsand5camerasystemstocontrolasurgicalneedle(thinnerthanhumanhair)toinsertthe

implantthreadsintothebrain.Puttogether,thetechnologyenablessafer,faster,and

moreconsistentBCIimplantationthantraditional,moremanualmethods.Duringour

recentconversationwithNeuralinkPresidentandCo-FounderDJSeo,SeoindicatedthatthecompanydecidedtobuildtheirownsurgicalrobotessentiallyfromDay1,asitwas

anticipatedthatthelimitednumberoftrainedneurosurgeonswouldpresentacritical

scalabilityproblemforthecompanywhentheyeventuallyexpandNeuralinktothegeneralpopulation.HealsoexpressedhisbeliefthatthegreatestdifferentiatingfactorofNeuralinkisitsdeepverticalintegration.

•Next-GenerationRobot:AsoutlinedinthecompanyI

sJune2025update,

Neuralinkiscurrentlytransitioningtoanext-gen(unnamed)robot,whichperNeuralink,hasbeenfullyre-designedfromtheground-up.WhiletheR1surgicalrobottakes~17secondstoinserteachthread,withthe2ndgenrobot,thistimewillbereducedto

1.5seconds/thread(11ximprovement).Additionally,perthecompany,theheadandneedleofnextgenrobothasbeenredesignedtobecompatiblewiththeheads/

brainsofover99%ofthehumanpopulationwhilealsobeingabletoreachdeeperpartsofthehumanbraintoenableBlindsightandfutureNeuralinkproducts.

Notably,Neuralinkhasalsoprioritizedmanufacturabilityandcostreductioninthedesignofthenewrobot,withthecostperneedlebeingreducedfrom$350tojust$15.

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Exhibit10:X-RayViewofNeuralinkR1SurgicalRobot

Source:Neuralink

ApprovalStatus

NeuralinkhasbeenapprovedbytheFDAforhumantrialsintheUSsinceMay2023,ThecompanyalsoreceivedtrialapprovalsinCanadain

November2024.

Asof

September

2025,

thecompanyhasimplanted12humantrialpatients.However,thedevicesarenotcurrentlyapprovedforwidespreaduse,thoughbothBlindsightandTelepathyhave

received

FDABreakthroughDeviceDesignation,

whichallowsforstreamlined/priorityreview.Accordingtoa

Bloombergr

eportcitingcompanysources(notconfirmedbyNeuralink),thecompanyexpectsregulatoryapprovalsforTelepathyby2029and

Blindsightby2030.

HumanTrials

Asof

September2025,

thecompanyhasimplanted12humantrialpatients.BasedonourconversationswithNeuralinkPresidentDJSeo,thecompanyexpectsthisfiguretoriseto~25byyear-endwithacontinuedaccelerationthereaftergiventhehighnumberof

individuals(10thousand)currentlyonthewaitlist.Weincludeanoverviewofthosethatarepublicbelow:

•P1:NolandArbaugh(January2024):

NolandArbaugh

isthefirstknownhumanpatienttoreceiveaNeuralinkimplant,receivingoneinJanuary2024.Arbaugh,a31yearoldfromArizona,wasinvolvedinadivingaccidentin2016thatresultedin

himbeingparalyzedfromtheshouldersdown.FollowingreceivingaNeuralink

Telepathyimplant,Arbaughwasabletocontrolhiscomputercursorwithhisbrain,allowinghimtocompletearangeofactionssuchasplayingchessandothervideo

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gamesandbrowsingtheinternet.However,amonthfollowingtheprocedure,85%ofNeuralinkIsthreadshadbecomeretractedandunresponsive,withsomefunctionregainedthroughsoftwareupdatestoArbaughIsimplant.

•P2:AlexToddling(July2024):

AlexToddling

isthesecondhumanparticipantinNeuralink,receivinganimplantinJulyof2024.Alexhadbeenparalyzedfromtheneck-down,similartoArbaugh,afteracaraccident.WiththeTelepathyimplant,

Alexwasabletointeractwithacomputercursorwithhisbrain,allowinghimto

useCADsoftwaretocreate3Dmodelsandplayfirst-personshootergames,

amongothertasks.AccordingtoNeuralink,Alextooklessthan5minutesbetweenfirstconnectingtoacomputertocontrolacursorwithhismind,andeventually

surpassedthepreviousworldrecordforBCIcursorcontrolwithanon-Neuralinkdeviceondayoneofusinghisimplant.Importantly,withsurgicaladjustments(positioningtheimplantclosertothebrainsurfaceandaccountingforreduced

brainmotion),NeuralinkwasabletomitigatethethreadretractionissuesexperiencedwithArbaugh,

claiming

"nothreadretraction"amonthafterthesurgery.

•P3:BradSmith(January2025):

BradSmithi

sanon-verbalfatherwithALSfromArizona,andthethirdpersontoreceiveNeuralink.Hereceivedanimplantin

January2025,andnotablyusedthetechnologytospeakviaasyntheticvoice

reconstructedfromhisownvoicerecordingspriortohisspeechloss.Tospeak,

NeuralinkcreatedaIchatappIpoweredbyAIthatlistenstoconversationswith

Bradprovidinghimwithanumberofoptionstorespond,whichhecanselectbymovingacursorontheNeuralinkapplication.InApril2025,heposteda

Youtube

video

hecreatedhimselfwithsyntheticspeechandusingvideoeditingsoftwarewithhisbrain.

•P5:'RJ'(April2025):

IRJ"

isthefifthhumanparticipantinNeuralink.HeisaUS

militaryveteranfromMiamithatbecameparalyzedfollowingaspinalinjuryfromamotorcycleaccident.HereceivedaNeuralinkimplantinApril2025,whichallowedhimtooperateasmartphone,computer,andTV,amongotheractions.

Exhibit11:NolandArbaugh(1stNeuralinkRecipeint)LivestreamingVideoGamesPlayedwithhisMind

Source:Neuralink

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Exhibit12:InSeptember2025,Neuralinkannouncedthat

12humanswereusing

NeuralinkBCIimplants,

collectivelyhavingtheird