Executive Summary
Morgan Stanley's Global Head of Thematic Research identifies a critical structural shift: compute demand will meaningfully exceed supply in 2026, even as software and hardware efficiency improves. This represents a variant perception against current market pricing that assumes supply will scale linearly with demand. The firm's thematic categories outperformed MSCI World by 16% and S&P 500 by 27% in 2025, validating their framework. The key insight is that AI use cases are multiplying faster than...
Key Investment Opportunity
AI Infrastructure Constraint Play
Computing power emerges as the defining constraint as AI use cases multiply faster than infrastructure can scale, creating bottlenecks beyond semiconductors into power and cooling systems
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