Morgan Stanley
May 19, 2026
Charts That Caught My Eye
Market ReportCommoditiesCryptoEquitiesEnergyFinancials
Morgan Stanley remains constructive on global growth, favoring US equities and identifying an accelerating AI-driven capex cycle as a key structural tailwind.
Key Takeaways
- 1.Global growth remains constructive but tempered by high energy prices and the Strait of Hormuz closure.
- 2.The US is the preferred region for equities, supported by resilient demand and accelerating AI-driven capex.
- 3.China's GDP forecast is slightly upgraded due to AI and energy capex, though domestic consumption remains a lag.
Table of Contents
- Global Economics
- Global Cross-Asset Strategy
- China Economics
- Europe Equity Strategy
- Digital Assets and Wholesale Banking
- Tech Diffusion – AI and Economic Transition
- US Hyperscalers
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Authors
Katy L. Huberty, CFA
Securities
GOOGLAMZNMSFTMETAMSCI Europe
Themes
AI-Driven Capex Super-cycleGeopolitical Impact on Energy and TradeProductivity through AI Diffusion
Regions
North AmericaEuropeAsia PacificUnited StatesChinaJapan