Group 1 - Investment banking is showing signs of recovery after a prolonged downturn, with increased M&A and IPO activity expected to benefit major players like Morgan Stanley [1][4] - M&A activity for Morgan Stanley in the early part of the year totaled $299 billion, reflecting a 14% decline compared to the previous year due to economic uncertainty and U.S. trade policy [2][6] - Morgan Stanley's CEO expressed optimism for a strong M&A cycle ahead, noting the current M&A pipeline is the strongest it has been in 5 to 10 years, particularly in healthcare and technology [3][4] Group 2 - IPO activity is also on the rise, with 188 IPOs filed this year, a 30% increase from last year, and companies raising $25.2 billion through IPOs, marking a 7.7% increase [4] - The Federal Reserve's interest rate cuts and clearer tariff policies are expected to further enhance M&A and IPO activity, positioning Morgan Stanley favorably for future growth [4]