Core Viewpoint - Morgan Stanley Asset Management indicates that disappointing earnings from AI companies pose a greater risk to the tech-driven global stock market than ongoing geopolitical tensions [1] Group 1: Market Sentiment and AI Impact - The high level of market focus on artificial intelligence means that any disappointing news could trigger a significant market pullback [1] - Strong demand for AI and expectations of further interest rate cuts by the Federal Reserve have driven global stock markets to new highs, with the four major U.S. indices reaching historical peaks [1] Group 2: Valuation Concerns and Future Outlook - Given the massive investments by large-scale companies, if these investments do not translate into revenue, the market may begin to reassess the earnings growth prospects of these companies at current valuation levels [3] - The upside potential for U.S. stocks at current levels is limited, while Europe may benefit from fiscal support [3] - Japan may see a boost from corporate reforms, and emerging markets stand out due to their attractive valuations [3]
小摩：AI公司业绩若“爆雷”，市场风险将远超地缘冲突
Zhi Tong Cai Jing·2025-09-19 06:53