Keep pulling the thread on Michael Zizes.
Morgan Stanley acquired E-Trade and the business now known as Morgan Stanley at Work to create client acquisition funnels for its wealth management division.
In 2020, Morgan Stanley's strategic view was that a regime change driven by shifting US voter preferences meant the peak benefits of globalization were in the past and geopolitical fragility was on the rise.
The CHIPS Act, which provided federal subsidies for domestic semiconductor manufacturing, was passed on a bipartisan basis during the Biden administration.
Morgan Stanley estimates global capital expenditures for data centers alone will be $2.9 trillion between 2025 and 2028.
Morgan Stanley's economics team estimates that the physical construction of AI infrastructure is contributing approximately 0.25% to GDP growth this year.
From 2024 to 2025, companies identified by Morgan Stanley as "AI adopters" are projected to have an average EBIT expansion that is two times faster than non-adopters.
Consensus 2027 EPS estimates for AI infrastructure stocks have increased by 42%, compared to 10% for the S&P 500 and 3% for the S&P 500 excluding AI infrastructure stocks.
Josh Brown believes that Morgan Stanley's strategy of acquiring client funnels like E-Trade has made its wealth management division the fastest-growing on Wall Street.
The "new Washington consensus," as described by National Security Advisor Jake Sullivan, reflects a shift in US voter preferences away from valuing free trade, multilateral institutions, and limited government involvement in the economy.
In a 2020 Morgan Stanley survey, investors who believed a Joe Biden victory would be better for markets also incorrectly predicted that his administration would reduce tariffs on China.
Large Language Models currently have a low success rate in performing complex, cross-disciplinary, and cross-asset thematic analysis.
There is currently a large divergence between the Policy Uncertainty Index, which is high, and the VIX, which is low, whereas the two indices are typically directionally correlated.