RBLX Morgan Stanley TMT 2026

All right. Good morning everyone. Welcome to day 3 of the Morgan Stanley TMT Conference. My name is Matt Cost from the Morgan Stanley U.S. Internet team.

Very excited this morning to be joined by Naveen Chopra, CFO of Roblox. Thank you for being here.

Thanks for having us.

Yes. For research disclosures, please note that all important disclosures, including personal holdings disclosures and MS disclosures appear on the Morgan Stanley public website at ms.com/ researchdisclosures or at the registration desk. ke Inc,dnvscf.fd ARm W3TWmnn3Im Tsm Y ROBLOX CORPORATION COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY MAR 04, 2026

All right. And with that, let's start with the hot topic. The market clearly views interactive entertainment as vulnerable to disruption from AI. And the technology is evolving so quickly that I think it's an understandable question investors are asking about the potential for disruption.

So let's just start there. What do you think about the way the market has been approaching that topic? And how do you think it applies to Roblox?

Yes. Well, thank you for going straight there. No beating around the bush. Look, I don't think it will surprise anyone to hear if we think the market has it wrong.

We think AI is very much a tailwind and an accelerant for our business. It's one of the reasons that we've been investing in it aggressively over the last several years. And I think the reality is like if I step back, the market seems to be kind of assuming that you're going to have this very small handful of AI winners and everyone else's business is going to get vaporized.

And I think that's honestly an overly simplistic way of thinking about how new technologies tend to be adopted and ultimately commercialized. There will be companies not named Open AI and Meta and Google who use specialized AI to disrupt their competitors and ultimately become winners in the next generation of AI and technology. And that's very much how we see Roblox, and we are mobilizing the business aggressively to make sure that we are one of those disruptors in our space.

We have a large- scale platform business with very strong network effects. And we are using and building gaming-specific AI to further entrench our position as the platform of gaming. We see a world