Non-profitable tech bubble building could topple the market, says Morgan Stanley's Andrew Slimmon

Market Overview - Morgan Stanley Investment Management expresses concern about a bubble in non-profitable tech stocks, noting the current increase is around 100%, compared to 400% during the 1999 internet bubble [2] - The market's pullback on Friday is viewed positively as it impacts speculative stocks, potentially extending the bull market cycle [3] - The market is not considered overly bullish yet, suggesting there's room for further growth [7] - The market is acknowledged to be somewhat expensive, but this is considered reasonable given the current stage of the bull market [8][9] Economic Factors - The Federal Reserve's anticipated rate cuts are seen as a positive driver for the market, indicating a friendly monetary policy [5][6] - Expected tax savings contribute to a friendly fiscal policy, further supporting the market [6] Risk Factors - Speculative stocks are identified as a primary concern, with their performance being a warning sign [2][3][4] - Unforeseen events, such as new tariff announcements, pose a risk to the market [11]