Morgan Stanley
Morgan Stanley mobilizes capital to help governments, corporations, institutions, and individuals around the world achieve their financial objectives.
News Heat Trend
Related news
Yesterday, Ethereum spot ETF net inflows reached $189.1 million, a new high in nearly 9 months.
据 Trader T（@thepfund）数据，昨日以太坊现货 ETF 净流入达 1.891 亿美元，为近 9 个月最高单日流入纪录。各基金流入情况如下： • ETHA（BlackRock）：+1.221 亿美元 • FETH（Fidelity）：+3,654 万美元 • ETH（Grayscale Mini）：+1,604 万美元 • ETHB（BlackRock Staked）：+971 万美元 • MSSE（Morgan Stanley）：+225 万美元 • ETHE（Grayscale）：+169 万美元 • EZET（Franklin）：+79 万美元 Bitwise、21Shares、Invesco及 VanEck 旗下产品当日净流入均为零。
21Shares
Bitwise
ETHA Lend
Ethereum
Franklin
Grayscale
Yesterday, Bitcoin spot ETF net inflows reached $517.2 million.
According to data from Trader T (@thepfund), Bitcoin spot ETF net inflows reached $517.2 million yesterday, marking the highest single-day inflow record in nearly three months. The inflow details for each fund are as follows: • IBIT (BlackRock): +$284.7 million • ARKB (Ark): +$77.71 million • FBTC (Fidelity): +$62.41 million • BITB (Bitwise): +$35.60 million • GBTC (Grayscale): +$21.18 million • BTC (Grayscale Mini): +$19.66 million • MSBT (Morgan Stanley): +$9.98 million • EZBC (Franklin): +$5.92 million Products under Invesco, Valkyrie, VanEck, and WisdomTree all recorded zero net inflows for the day.
Ark
Ark
Bitcoin
Bitwise
Franklin
Grayscale
昨日以太坊现货 ETF 净流入 7147 万美元
据 Trader T（@thepfund）数据，昨日以太坊现货 ETF 净流入 7147 万美元，贝莱德$ETHA 以6468 万美元居首，占当日总流入约 90%。灰度迷你$ETH 流入 274 万美元，灰度$ETHE 流入 154 万美元，Bitwise $ETHW 流入 137 万美元，景顺$QETH 流入 114 万美元。富达$FETH、摩根士丹利$MSSE 等其余产品流入均为零，当日无产品录得净流出。
Bitwise
ETHA Lend
Ethereum
EthereumPoW
贝莱德
Morgan Stanley: Internet Sector Valuation Discount 7%-14%, But AI ROIC Debate Unresolved, Buying Consensus Not Yet Formed
According to TechFlow Research, Morgan Stanley's August 18 Internet Weekly Report pointed out that the internet sector overall fell 1% last week, with Amazon and Google leading the decline with drops of 4% and 2% respectively. The current valuations of Amazon, Google, and Meta are 20x, 17x, and 19x 2026 earnings per share respectively, representing a discount of 7% to 14% compared to their respective five-year averages. The internet sector's overall NTM EV/EBITDA is at a 7% discount to the five-year average, but NTM EV/Sales remains at a 19% premium. If stock-based compensation (SBC) is treated as a cash expense, the median EV/EBITDA for the digital media, e-commerce, and travel sectors will increase by approximately 36%, 30%, and 44% respectively. The report judges that the AI ROIC debate remains the core focus of the market. There is not yet a consensus to buy at current low valuation levels, as the market has fundamental disagreements on the return on AI capital expenditure. If AI spending continues to erode profit margins, valuations may compress further; conversely, if market confidence in ROIC recovers, valuations are expected to recover. Morgan Stanley believes the internet sector is likely to remain range-bound until the AI return on investment debate shows a clearer direction.
August
based
Morgan Stanley: Silver Lake in Talks to Acquire Workday, Software Stock Valuations Cheap Enough for PE to Step In Again
According to TechFlow Research, Morgan Stanley's August 16 research report noted that Reuters reported PE giant Silver Lake is in talks to acquire Workday, driving a collective surge in the software sector last Friday. Workday has a market cap of approximately $50 billion. If acquired at a 30% to 40% premium, the valuation would be approximately 5x 2027 P/S ratio and 16x 2027 free cash flow, both below historical averages. Morgan Stanley believes this indicates software stocks may have become cheap enough to entice PE firms to re-enter the market; if the deal materializes, it will boost sector valuations. The report also noted that while open-source models suppress token prices, hyperscalers can still maintain 20% to 60% ROIC on their proprietary compute. Investor surveys show 52% expect increased divergence within software stocks, with bulls numbering approximately twice that of bears. Morgan Stanley expects Cursor's annualized ARR to reach $8 billion by year-end and $33 billion by 2030, maintaining an Underweight rating on Netcompany. PE returning to acquisitions, cost layering of open-source models, and investor confidence repair—these three signals indicate software sector valuations have been compressed to a critical point.
Acquire
August
Cursor
Morgan Stanley: Blades and Impellers Become New Bottleneck for AI Power Supply, SpaceX Builds Own Foundry to Break Through Compute Scale Ceiling
According to Chaoxiang Research, Morgan Stanley's August 16 research report pointed out that the AI data center computing power competition is shifting from chips to power, with gas turbine blades and impellers becoming the new bottleneck. Globally, only three foundries can produce large gas turbine hot-end blades and impellers, and orders are already booked through 2030. SpaceX built a new foundry in Bastrop, Texas, meeting the demand for both data center turbines and Starship Raptor engine turbopumps through vertical integration. SpaceX has secured about 3 to 4GW of gas turbine supply, with publicly disclosed commitments totaling nearly 8GW. Musk proposed a 10GW computing power target by the end of 2027; Morgan Stanley currently models only 5GW, with the gap lying in power supply timing. The report estimates that each GW of computing power represents an annual revenue opportunity of about $50 billion. Morgan Stanley maintains an overweight rating and $300 target price for SpaceX, with an SOTP breakdown of $18 for Space business, $118 for Connectivity, $8 for X and Grok, and $165 for Enterprise AI. The current stock price is about $141, with the market pricing Enterprise AI at only about $13, approximately 1x 2028 EV/Revenue. Morgan Stanley believes the pullback following the lock-up expiration provides an entry window; if SpaceX can prove it will push computing power to 5GW or even higher by the end of 2027, the Enterprise AI business
August
entry
Foundry
Foundry
Raptor
Space
Anthropic's annualized revenue exceeds $65 billion, up more than 7x since the end of last year
Odaily News: As Anthropic prepares for an IPO, its annualized revenue run rate had surpassed $65 billion (approximately 92 trillion KRW) as of the end of July, representing a more than sevenfold increase from the end of last year. The figure was disclosed in regular operating data reports shared with major investors.Anthropic's full-year 2025 revenue has already exceeded $9 billion, reaching $47 billion in May this year. Preliminary second-quarter revenue surpassed $11.5 billion, compared to $787 million in the same period last year—a roughly 15-fold increase. Adjusted operating profit is expected to turn profitable.Anthropic has hired Morgan Stanley and Goldman Sachs as lead underwriters for its IPO, with JPMorgan also participating in the transaction. Following its latest funding round, the company is valued at $965 billion, one of the highest valuations among private companies. (ETNews SW)
KingDefi
摩根大通
Morgan Stanley Bullish on Amazon's AI Growth Potential: AWS Could Become a Trillion-Dollar Business
Odaily News Morgan Stanley stated that if Amazon's cloud computing business AWS accelerates its growth further, the company's stock price could reach $500 by the end of 2027, nearly doubling from current levels.Morgan Stanley's optimistic scenario is based on AWS's potential to develop into a business with annual revenue reaching $1 trillion, driven primarily by growing demand for AI computing power and data center expansion. As competition in AI infrastructure intensifies, Amazon is significantly increasing its AI-related investments. The company recently raised its AI capital expenditure forecast for 2026 to $220 billion, focusing on expanding cloud computing infrastructure, AI computing power, and data center capabilities.Morgan Stanley believes AWS will continue to play a core role in the AI wave. As enterprises accelerate their adoption of generative AI services, demand for cloud computing and inference computing power could further drive AWS revenue growth.However, Morgan Stanley currently maintains its base target price for Amazon at $335, representing approximately 28% upside from the current stock price. The $500 target price falls under a more optimistic scenario, contingent on whether AWS can achieve faster growth and fully capture opportunities in the AI infrastructure market.
Agentwood Studios
based
Bullish
Gate has completed dividend distributions for 67 US stocks including Apple (AAPL) and Morgan Stanley (MS)
Odaily News, According to an official announcement from Gate, Gate has completed cash dividend distributions for 67 US-listed stocks, including Apple (AAPL), Morgan Stanley (MS), Texas Instruments (TXN), and Blackstone (BX), with equivalent amounts distributed in USDT to eligible users' accounts on a pro-rata basis. No action is required from users. This dividend distribution covers US stocks with corporate ex-dividend dates from August 10 to August 14, 2026, spanning multiple industry sectors including technology and semiconductors, financial services, energy, consumer goods, healthcare, industrial manufacturing, real estate REITs, utilities, materials manufacturing, media and entertainment, telecommunications, and strategy ETFs. Users can view dividend details by navigating to APP [TradFi] - [Stocks] - [Trade] - [History] - [Fund Flow] or on Web [Stocks] - [Fund Flow]. The final credited amount and time are subject to actual settlement.
Apple
August
Flow
Flow
Flow
Gate
Morgan Stanley: Traditional Storage Without Long-Term Contracts Not Necessarily a Bad Thing, DDR4 and SLC NAND in Strongest Price Hike Cycle
According to TechFlow Research, Morgan Stanley's research report on August 14 pointed out that the fundamentals of the three major traditional memory products, DDR4, SLC NAND, and NOR Flash, continue to improve, with widening supply-demand gaps and enhanced pricing power; mainstream manufacturers are exiting DDR4 supply faster than expected. Morgan Stanley expects DDR4 prices to rise by 50% in 3Q26 and another 10%+ in 4Q26; SLC NAND prices are expected to increase by over 50% in both 3Q26 and 4Q26, with tight supply potentially extending into 2027; NOR Flash will see another price hike in 4Q26, with momentum likely extending into 1H27. The report judges that the market is overly pessimistic about pricing the sustainability of the traditional memory cycle. Morgan Stanley has comprehensively upgraded earnings forecasts for Macronix, Winbond, GigaDevice, and PSMC; AP Memory is listed as the top pick due to its SiCap business, with the preference ranking being AP Memory > GigaDevice > Macronix > Winbond > PSMC > Nanya Technology. Macronix's earnings per share for 2026 to 2028 were upgraded by 139%, 144%, and 147% respectively; GigaDevice's were upgraded by 108%, 49%, and 48% respectively. Morgan Stanley believes that the absence of LTAs (Long-Term Agreements) means no constraints on price ceilings; when supply gaps widen and pricing power rests with suppliers, traditional memory manufacturers actually have greater profit elasticity.
August
Hike
Long
Memory
NOR
Price
Analysis: The Era of "Bitcoin vs. Banks" Is Ending, Trillion-Dollar Financial Institutions Accelerate Crypto Adoption
Odaily News: As Wall Street and global financial institutions accelerate their entry into the digital asset space, the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) are gradually blurring. Bitwise CEO Hunter Horsley stated that the era of "going long Bitcoin and short bankers" is over, and financial institutions are pivoting to the other side of the crypto industry, driving digital asset adoption.Hunter Horsley noted that this summer, two financial institutions, each managing over $1 trillion in assets, approved the launch of crypto products in a bear market environment, showing that large institutions are expanding client access to digital assets. "Everyone put on the crypto jersey this year. Now, everyone is working for the crypto industry," Horsley said. He pointed out that these institutions, managing over a trillion dollars in client assets, would not have opened such services during the 2022 crypto market downturn, but are now actively embracing this sector.Fabian Dori, Chief Investment Officer at Sygnum, also believes the relationship between banks and the crypto industry has undergone a structural shift. "The trade of 'going long Bitcoin and short bankers' is over. Banks have moved from resisting digital assets to building, supporting, and distributing them through custody, tokenization, and compliant trading," a change driven primarily by growing client demand and gradually clarifying regulatory rules, rather than short-term market cycles.Nathan McCauley, CEO of Anchorage Digital, said that over the past two years, its client base has increasingly reflected the convergence of traditional and crypto finance. Large financial institutions typically choose to partner with specialized crypto infrastructure companies rather than building their own technology systems.In recent years, a growing number of financial institutions have entered the crypto space, including Swissquote, DBS Bank, BBVA, BNY Mellon, Credit Suisse-affiliated entities, as well as Morgan Stanley and Charles Schwab. (CoinDesk)
Anchorage
Bitcoin
Bitwise
CoinDesk
entry
Street
Morgan Stanley Significantly Increases BlackRock Bitcoin ETF Holdings in Q2
此外，摩根士丹利还新增了 257 万股自家比特币信托（MSBT，价值约 4330 万美元），并首次建仓 Grayscale Solana Staking ETF（GSOL）及 Fidelity Solana Fund（FSOL）。与此同时，其 Circle（CRCL）持仓从约 146 万股大幅增至 832 万股，并增持多家比特币矿企股份。值得注意的是，摩根士丹利同期减持了约 55 万股 Coinbase（COIN），并完全清仓约 800 万股 Bitfarms（BITF）。
Bitcoin
Bitfarms
Circle
Coinbase
Grayscale
Solana
Morgan Stanley: CoreWeave Adds Record 500MW Capacity in Single Quarter, High Debt and Customer Concentration Weigh on Valuation
According to TechFlow Research, Morgan Stanley's August Q2 earnings report indicated that CoreWeave added 500MW of net active power in a single quarter, exceeding any quarter in history, more than three times year-over-year. Management reaffirmed the target of reaching at least 8GW before 2030. FY26 revenue guidance midpoint was raised 2% to $12.4 billion to $13.2 billion, ARR midpoint was raised 3% to $18.5 billion to $19.5 billion. The company raised full-year capital expenditure guidance midpoint by 12% to $35.5 billion to $39.0 billion, Q3 capital expenditure guidance is $11.5 billion to $13.5 billion, higher than the market expectation of $10 billion. Managed Inference Platform (managed inference platform) ARR grew from $1 million to over $100 million, expected to reach at least $250 million by year-end. The research report judges that Q2 adjusted operating margin was about 8%, higher than expected, but Q3 margin guidance of 5.8% to 7.2% is lower than market expectations, Q4 margin needs to increase significantly to achieve full-year guidance. Morgan Stanley expects CoreWeave FY27 operating margin to be 15.9%, FY28 to be 22.4%, free cash flow to remain negative until 2028, and debt is expected to increase to approximately $38 billion by the end of 2026. Morgan Stanley maintains Equal-weight (in line with the market) rating and $99 price target.
August
CoreWeave
Inference
Record
Bullish Q2 Adjusted Revenue Up 62% Year-over-Year, Plans to Build Full-Process Securities Tokenization Platform
Odaily Planet Daily: Crypto asset trading platform Bullish has announced its financial results for Q2 2026. The company stated that as global securities markets gradually migrate to public blockchains, Bullish is planning to build a comprehensive issuer-supported tokenized securities service system covering issuance, listing, trading, and tracking.Bullish CEO Tom Farley stated that the global securities market, valued at nearly $300 trillion, is transitioning to public blockchains, and Bullish aims to work with issuers to drive this process. Upon completion of the proposed acquisition of Equiniti, the company will form an integrated platform covering tokenized securities issuance, listing, trading, and tracking.Financial data shows that Bullish's Q2 digital asset sales reached $32.6 billion, down from $58.6 billion in the same period last year; the net loss was $280 million, compared to a net profit of $108.3 million in the same period last year, corresponding to a diluted loss per share of $1.78.However, the company's core business performance improved. Q2 adjusted revenue (non-IFRS) reached $92.6 million, up 62% year-over-year from $57 million in the same period last year; among which subscription, services, and other revenue hit a record $62.7 million. Adjusted trading revenue was $29.9 million, up 24% year-over-year; adjusted EBITDA was $29.5 million, compared to $8.1 million in the same period last year; adjusted net profit was $14.3 million, compared to a loss of $6 million in the same period last year.In terms of business progress, Bullish stated that the acquisition of UK fintech company Equiniti is progressing and is expected to be completed in early 2027, subject to customary conditions including regulatory approvals. Additionally, Bullish's CoinDesk indices continue to gain institutional adoption. Morgan Stanley has launched Bitcoin, Ethereum, and Solana-related trading products based on CoinDesk benchmark indices, attracting over $400 million in inflows during Q2.On the regulatory front, Bullish has received approval from the Gibraltar Financial Services Commission (GFSC) to provide secondary trading services for tokenized securities, becoming one of the first regulated platforms to offer issuer-supported tokenized securities trading.The company has also raised and refined its full-year 2026 guidance, projecting subscription, services, and other revenue (non-IFRS) of $225 million to $245 million, adjusted operating expenses of $225 million to $230 million, and financing costs of $52 million to $60 million. (Globenewswire)
based
Bitcoin
Bullish
CoinDesk
Ethereum
Planet
Charles Schwab Launches Bitcoin and Ethereum Spot Trading for Retail Clients, with Client Assets Reaching $13.1 Trillion
Odaily News: U.S. financial services firm Charles Schwab began rolling out Bitcoin and Ethereum spot trading to retail clients in batches on May 13, 2026, with a transaction fee rate of 75 basis points per trade. The company disclosed client assets of $13.1 trillion and 39.8 million brokerage accounts, with Paxos handling execution and sub-custody. During the July earnings call, Charles Schwab stated that related business progress is on track, launched a crypto asset transfer pilot, and has taken an equity stake in Paxos. Initially, only Bitcoin and Ethereum are supported, with no deposits or withdrawals available, and no SIPC protection, except in New York State and Louisiana. Charles Schwab clients already hold approximately $25 billion in crypto ETPs. Morgan Stanley's E*Trade launched Bitcoin, Ethereum, and Solana trading on July 16 via Zerohash, with a fee rate of 50 basis points; Fidelity's fee rate is 1%, while Coinbase's implied fee rate for consumer trades is approximately 1.75%. (Forbes Digital Assets)
Bitcoin
Coinbase
Ethereum
Paxos
Solana
Morgan Stanley: Storage LTAs Are Rewriting Pricing Logic, Major Suppliers Vying to Lock in Long-Term Capacity
According to TechFlow Research, Morgan Stanley's August Global Technology Webinar pointed out that memory chip Long-Term Agreements (LTAs) are shifting from intention disclosure to substantive implementation, and pricing mechanisms are being rewritten. Samsung explicitly planned for the first time to include 60% to 70% of capacity into rolling five-year LTAs, with 5 contracts signed and 5 in final negotiation; clients include AWS, Microsoft, Google, Meta, and Oracle. Micron has signed 16 LTAs, receiving approximately $22 billion in prepayments and commitments. SanDisk locked over 50% of FY2027 wafer capacity, with a minimum revenue commitment reaching $93.9 billion. Kioxia targets to include 50% of sales volume into LTAs by 2028. Pricing is shifting from spot pricing to a two-way protection mechanism with price floors and ceilings, and clients need to provide prepayment deposits. The research report estimates that 3Q26 DRAM contract prices will rise QoQ by about 15% (lower than the expected 20%), NAND will rise by about 20%, with gains narrowing for both; it is expected to slow down further in 4Q26, but Morgan Stanley believes this does not mean the end of the cycle. Price protection mechanisms under the LTA framework are reducing the earnings volatility of memory manufacturers, and the market should no longer use the traditional commodity cycle framework to price memory stocks. Regarding SpaceX, Morgan Stanley maintains an Overweight rating and a $300 price target, with an end-2026 ARR target of at least $100 billion, and 4Q26 single-quarter ARR expected to be about $22 billion.
Agentwood Studios
August
Long
Major
Oracle
Price
Zerohash's US Trust Bank License Application Returned
Morgan Stanley partner Zerohash's trust bank charter application submitted to the OCC was returned due to "substantial deficiencies," and the company plans to resubmit a narrower application this month.
OccamDAO
OccamX
Citadel Securities: Systematic Funds Preparing to Re-Leverage and Buy Stocks
Odaily News, Scott Rubner, head of stock and derivatives strategy at Citadel Securities, stated that the equity market leverage reset is largely complete. As volatility declines, the room for systematic strategies to re-enter equity exposure is expanding. Market breadth is improving, with correlations near historical lows, while investors are increasingly willing to pay a premium for upside potential. The next wave of meaningful mechanical fund flows could be re-leveraging, rather than continued deleveraging.Citadel Securities data shows that assets under management for leveraged ETFs have dropped from $218 billion at the end of June to $154 billion in July, a decline of nearly 42%, with semiconductor leveraged ETFs holding approximately $31 billion in assets. Other Wall Street institutions have observed similar trends. Meanwhile, Morgan Stanley's Prime Brokerage team noted that after experiencing record deleveraging at the end of July, funds began restoring capital and re-buying global stocks last week. (Bloomberg)
Citadel
Citadel
Citadel
June
Market
Meanwhile
Morgan Stanley: 2027 Capital Expenditure Forecast for Four Major Cloud Providers Raised to $1.15 Trillion
According to TechFlow Research, Morgan Stanley's research report on August 10 indicated that Microsoft, Google, Amazon, and Meta, the four hyperscalers, plus SpaceX, will reach a combined capital expenditure of $1.15 trillion in 2027, a year-on-year increase of 47%. This figure represents a 20% upward revision from the July consensus forecast. The consensus growth rate for 2028 is 11%, with the growth rate narrowing sharply. Morgan Stanley believes that capital expenditure forecasts will continue to face upward pressure. As the number of tokens processed monthly grows exponentially, accelerating cloud revenue, expanding data center commitments, and supply chain vendors emphasizing accelerated demand and extended visibility all point to compute power investment not yet having peaked. The proliferation of open-weight models (already adopted by 60% of enterprises) is unlocking more application scenarios by reducing inference costs, thereby instead reinforcing compute demand. Wix's in-house model significantly reduced AI inference costs, with non-GAAP gross margin rising from near zero at the start of the year to approximately 60% in the second half, validating the logic that cost reduction stimulates demand. Under this framework, the 11% growth consensus for 2028 is more likely underestimated rather than conservative.
August
Major
AI Fund Situational Awareness has informed investors that it is temporarily not accepting new capital.
According to Wallstreetcn, AI fund Situational Awareness was previously disclosed to be seeking new capital injections after suffering significant losses due to a sharp pullback in AI-related stocks. However, the fund's blowup experience has not become a blemish in Silicon Valley; instead, it has strengthened founder Leopold Aschenbrenner's "hero persona." Many Silicon Valley investors view this as a "buy the dip" opportunity and continue to stand behind this investor who transitioned from a former OpenAI researcher. Currently, the fund has informed investors that it is temporarily not accepting new capital, but external enthusiasm has not subsided as a result. Senior venture capitalist Elad Gil even publicly announced applying to invest in Aschenbrenner's fund for the first time. Additionally, Morgan Stanley, which had previously refused to provide prime brokerage services for Situational Awareness, has changed its stance and plans to add the fund as a prime brokerage client within the next few weeks.
Silicon