券商中国·2025-11-26 23:23Core Viewpoint - The article highlights the ongoing bullish trend in the US stock market, particularly driven by AI-related stocks, with optimistic projections for future growth in both the market and specific companies like OpenAI and Nvidia [2][4][8]. Market Performance - US stock indices opened slightly higher, with the Dow Jones up 0.53%, S&P 500 up 0.47%, and Nasdaq up 0.53% [3]. - Nvidia's stock saw a near 3% increase initially, reflecting positive sentiment in the tech sector [4]. AI Sector Insights - OpenAI's recent announcement predicts that by 2028, the number of paid subscribers for ChatGPT will exceed 220 million, generating nearly $200 billion in annual subscription revenue [2][5]. - CoreWeave and Oracle, both associated with OpenAI, experienced significant stock price increases, with CoreWeave rising over 7% and Oracle over 6% [2][5]. Economic Outlook - Morgan Stanley's report expresses optimism about the US economy's resilience and the ongoing AI supercycle, suggesting that the S&P 500 could surpass 8000 points by 2026 under certain conditions [2][8]. - The report anticipates a 34% increase in capital expenditure for 30 major AI stocks next year, driven by a "fear of becoming obsolete" mentality among businesses and governments [9]. Federal Reserve Expectations - Market expectations for a 25 basis point rate cut by the Federal Reserve in December are around 85% [6]. - Recent labor market data shows a decrease in initial jobless claims, indicating a resilient job market despite concerns about employment prospects [6][7]. Investment Strategy - Morgan Stanley maintains a bullish stance on technology, media, telecommunications, utilities, and defense sectors, while expecting the banking and pharmaceutical sectors to outperform the market [9]. - The report emphasizes that the potential for profit growth related to deregulation and AI productivity gains remains underestimated by investors [9].