关税并非“核心风险”？大摩Wilso：欧盟“反胁迫”工具将是科技巨头下一场“隐形风暴”

Core Viewpoint - The geopolitical tensions surrounding Greenland are evolving into a potential nightmare for large U.S. tech companies, with the market underestimating the risks of the EU's "anti-coercion" tool targeting the service sector, which could pose significant challenges for tech giants [1][2] Group 1: Geopolitical Risks - Morgan Stanley's chief U.S. equity strategist Mike Wilson warns that the EU's potential activation of its "anti-coercion" tool could escalate tensions beyond tariffs, impacting digital services and creating more severe challenges for U.S. companies [1][2] - The market sentiment has deteriorated rapidly, with Wall Street adopting a "sell first, ask questions later" approach, leading to a decline in U.S. stock index futures, particularly a 1.81% drop in Nasdaq 100 futures [1] Group 2: Impact on Tech Companies - Large tech companies are seen as the primary victims of the ongoing dispute, with concerns that tensions could escalate from tariff increases to more aggressive confrontations, such as limiting market access for these companies [3] - The significant drop in Nasdaq 100 futures reflects investor anxiety regarding the outlook for tech stocks ahead of earnings season [3] Group 3: Investment Shifts - In light of headwinds facing large tech stocks, there is a recommendation for investors to focus on small-cap stocks, which are expected to perform relatively well due to improving fundamentals [4] - Morgan Stanley favors small-cap sectors including discretionary consumer goods, regional and mid-sized banks, short-cycle industrials, and biotechnology, which are less affected by transatlantic trade disputes and EU regulatory tools [4]