Morgan Stanley (NYSE:MS) 2026 Conference February 10, 2026 03:30 PM ET Company ParticipantsJed Finn - Head of Wealth ManagementModeratorYeah. All right, so, we're gonna go a little bit out of order, given some of the consternation in the market. Obviously, there was an article on AI and wealth that the market is interpreting as, you know, potentially the beginning of disruption for the Wealth Management business. So why don't you... What's your response to that?Jed FinnSure. Well, obviously, I haven't seen ...

Core Insights - Alphabet achieved its first-ever $100 billion quarter in Q3, marking a significant milestone and indicating the company's strong position in the generative AI era, as stated by CEO Sundar Pichai [3] - The company's full-stack approach to AI, encompassing infrastructure, models, tooling, products, and platforms, is yielding positive results, particularly in search and YouTube advertising [3][9] Revenue Growth - Alphabet's total revenues increased by 16% year-over-year to $102.3 billion in Q3 2025, surpassing Wall Street expectations [9] - Google Services, which includes search and YouTube ads, saw a revenue increase of 14% to $87.1 billion, driven by growth across major verticals, especially retail and financial services [9] Advertising Performance - Search and YouTube ads both experienced a 15% year-over-year revenue growth, with AI enhancing the growth rate of Google's search product through features like AI Overviews and AI Mode [4][9] - YouTube is leveraging AI to assist content creators and enhance monetization, with direct response advertising revenue exceeding a $1 billion global run rate, particularly benefiting small- and medium-sized advertisers [5][9] YouTube Insights - YouTube has maintained the top position in streaming watch time in the U.S. for over two years, although Shorts are now generating more revenue per watch hour than traditional in-stream videos [6] - New tools have been introduced on YouTube to better connect content and brands, resulting in significant improvements in search lift and recall for advertisers [7] AI Tools for Advertisers - Alphabet is developing AI tools to automate various aspects of campaign creation, launch, and measurement, enhancing its marketing mix model and providing more detailed reporting [8] - The improvements in AI tools have led to notable performance increases for advertisers, such as a 39% year-over-year improvement in conversion volume for financial services company SoFi [8]