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Morgan Stanley: AI Applications Expected to Boost Corporate Profit Margins by Approximately 100 Basis Points
Michael Wilson, Chief U.S. Equity Strategist at Morgan Stanley, stated that American companies actively integrating AI capabilities into their businesses are expected to demonstrate stronger profitability in the current earnings season. His team believes that companies where AI is a core investment thesis and which possess neutral to strong pricing power will see the most significant margin improvements. They project that with the continued advancement of AI applications, the net profit margins of related companies could increase by a cumulative total of approximately 100 basis points by 2027. (BloomBerg)
Basis
Basis
Boost
Boost
Morgan Stanley: If SpaceX Stock Price Drops to $100, It Means Its AI Business Valuation Goes to Zero
Morgan Stanley analysts stated that if SpaceX's stock price falls to $100 per share, it implies the market's valuation of its AI business has dropped to zero. SpaceX launched an IPO valued at $86 billion in mid-June, and this week it fell to a low of $110.85, down 18% from the offering price. Analysts assigned a target price of $300 per share to the stock, with more than half derived from the AI business valuation. Previously, SpaceX entered the AI infrastructure sector leveraging its Starlink satellite network, providing low-latency data transmission services for large model training.
June
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Institutional Crypto Trading Platform LMAX Explores Sale or IPO, Valuation Could Reach $5 Billion
According to CoinDesk, institutional crypto trading platform LMAX Group is evaluating strategic options with Morgan Stanley and investment bank KBW, including a sale, a merger with a special purpose acquisition company, and an initial public offering in the US or Europe. Sources say the company's valuation could reach up to $5 billion, with a Nasdaq listing currently the preferred option.
CoinDesk
Reach
Reach
After receiving $150 million investment from Ripple, LMAX explores sale, SPAC merger, or IPO
Institutional trading platform LMAX is working with advisors Morgan Stanley and KBW, the investment bank arm of Stifel, to evaluate strategic alternatives. According to sources familiar with the matter, options under consideration include a potential sale, a SPAC merger, or an IPO. London-based LMAX recently launched a 24/7 multi-asset exchange and secured a $150 million strategic investment from Ripple, which is related to institutional stablecoin adoption.
based
Ripple
Registration Effective upon SEC Notification, Morgan Stanley Ethereum Trust Registration Process Advances
Odaily News: Morgan Stanley Ethereum Trust has received notification from the U.S. Securities and Exchange Commission (SEC) regarding the effectiveness of its registration, marking a further advancement in the registration process.
Ethereum
昨日比特币现货 ETF 净流出 2.251 亿美元
据 Trader T（@thepfund）数据，昨日比特币现货 ETF 净流出 2.251 亿美元，较前一日（7月 22 日净流入 6898 万美元）大幅逆转。 其中贝莱德 $IBIT 单日流出 2.025 亿美元，占总流出量约九成，为主要拖累；富达 $FBTC、Bitwise $BITB、富兰克林 $EZBC 分别流出 560 万、700 万、560 万美元；WisdomTree $BTCW 流出 510 万美元；方舟 $ARKB 流出 430 万美元；仅摩根士丹利 $MSBT 录得 500 万美元净流入，景顺、Valkyrie、VanEck 及灰度系列均无资金变动。
Bitwise
IBIT
InfinityBit
Valkyrie
贝莱德
Morgan Stanley Analyst Turns Bearish on Storage, Citrini Analyst Suggests It May Be a Factor in KOSPI's Pullback
: Citrini analyst Jukan stated on the X platform that a Morgan Stanley research report circulating in the market shows that analyst Shawn Kim has turned bearish on the memory chip industry. The report suggests that NAND module manufacturers' inventory has risen to about 13 weeks, with demand clearly cooling. It expects NAND price growth to slow to about 5% in the fourth quarter, with spot prices having fallen for two consecutive months. Meanwhile, Changxin Memory Technologies (CXMT) is rapidly expanding production capacity, and supply and demand are gradually balancing. The report also indicates that if the NAND market weakens, DRAM should also be viewed bearishly, and it predicts that the HBM market growth rate will be limited to about 40%.Jukan stated that he has verified the authenticity of the report with sources and noted that Shawn Kim has consistently held similar views recently, which could be one of the reasons for the recent sustained pullback in South Korea's KOSPI index.
Factor
Meanwhile
Memory
$3.5 Billion Debt Financing: Galaxy Digital to Support Data Center Projects
sources familiar with the matter revealed Galaxy Digital Inc. plans to issue approximately $3.5 billion in high-yield bonds for the first time, aiming to fund data center projects associated with CoreWeave Inc. According to the sources, Galaxy Digital is marketing the bond issuance to investors at a yield of around 9%. Morgan Stanley and Goldman Sachs are acting as underwriters for this issuance, with pricing expected to be finalized on Thursday. The sources requested anonymity as the information has not yet been made public.
Center
CoreWeave
Galaxy
Galaxy
Morgan Stanley: Software Sector Overly Pessimistic, List of 8 High-Conviction Picks Unveiled
According to TechFlow Research, Morgan Stanley's July 21 software industry report pointed out that the software sector has underperformed the Nasdaq by 40% and the S&P 500 by 30% over the past two years. Market concerns about AI disruption have been overpriced, and Morgan Stanley maintains an "Attractive" rating for the software industry.
Conviction
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大摩：央行购金加速但 ETF 缺席，金银反弹需等买盘回归
据潮向研究，摩根士丹利 7月 20 日贵金属报告指出，央行购金正在加速，中国 6 月买入 14.9 吨黄金，为 2023年 10 月以来最大单月增持，连续第 20 个月买入，今年累计买入 40.1 吨已超去年全年。波兰、乌兹别克斯坦同步增持。但黄金 ETF 在6 月流出 74 吨，北美为主要出货区，年初至今北美 ETF 净卖出 60.5 吨。央行买盘与 ETF 抛售相互抵消，金价卡在 4000 美元附近。白银年内跌约 23%，远大于黄金的 8%，光伏用银走弱叠加 ETF 卖出形成双重压力。 摩根士丹利认为金银反弹的关键在于 ETF 买盘何时回归，而 ETF 回归取决于美联储能否避免加息。大摩经济学家团队预计通胀将继续回落、美联储今年按兵不动。若判断成立，ETF 买盘最早四季度回归，金价看到 4450 美元/盎司（约+11%），银价看到 65 美元/盎司（约+16%）。若地缘冲突推高油价导致美联储被迫加息，金银下行风险将重新打开。
Morgan Stanley: Semiconductor Pullback Not Yet Ended, Capital Flowing to Consumer and Transportation
According to TechFlow Research, Morgan Stanley released a weekly US stock strategy report on July 20. The report pointed out that the trend of market breadth expansion continues, and the momentum trading risks in the semiconductor sector have not yet been fully released. The silver stock price analogy model shows that semiconductors may have about 15% downside potential in the short term, and earnings revision breadth has retreated from historical extremes. Over the past two months, the consumer durables and transportation sectors outperformed the S&P 500 by approximately 12 percentage points respectively, and the equal-weight index continues to outperform the market-cap weighted index. In terms of allocation, Morgan Stanley continues to recommend overweighting cloud providers (Microsoft, Google, Meta, Amazon) and underweighting semiconductors within the technology sector. The equal-weighted P/E ratio of the four major giants has fallen back to 21 times. Consumer durables and transportation are the clearest directions for capital inflows, with the earnings revision breadth of the transportation sector reaching the strongest level since 2021. Market style is gradually shifting towards quality factors, with earnings revision breadth for high gross margin and high sales stability factors continuing to strengthen. The S&P 500 year-end target is 8,000 points, with 7,000 points being a key technical support level.
Market
Morgan Stanley Bitcoin Trust ETF Withdraws 106.04 BTC from Coinbase Prime
Odaily reports, as monitored by Onchain Lens, the Morgan Stanley Bitcoin Trust ETF has withdrawn 106.04 BTC, worth approximately $7.01 million, from Coinbase Prime.
Bitcoin
Coinbase
Onchain
OpenAI appoints two CEOs of publicly traded financial companies as independent directors ahead of IPO
on July 21, OpenAI, the developer of ChatGPT, announced the appointment of David Velez, founder and CEO of Brazilian digital bank Nubank, and Robin Vince, CEO of BNY Mellon, as independent directors of the foundation and the company. With the addition of two new independent directors, OpenAI's board will expand from eight to ten members. David Velez founded Nubank in 2013 and previously led Latin American investments at Sequoia Capital, Goldman Sachs, and Morgan Stanley. Robin Vince spent 26 years at Goldman Sachs, serving as Chief Risk Officer and Chief Operating Officer. OpenAI is currently controlled by a non-profit foundation that pursues a for-profit public benefit corporation. Most board members serve on both the foundation and the company's board, with CEO Sam Altman being the sole internal director.
Robin
NVIDIA (NVDA): Multiple KOLs Bullish on AI Computing Power Demand Growth
According to monitoring by the BlockFlow KOL opinion aggregation platform, NVIDIA (NVDA) has received bullish views from multiple KOLs, with key arguments including AI model release speeds exceeding compute supply, Morgan Stanley issuing a best risk-reward rating, and continued growth in advanced packaging capacity.
Bullish
Kollect
Kollectiv
NVIDIA
ProtoKOLs
Morgan Stanley Warns AI-Driven Memory Crisis Will Continue to Worsen, Storage Prices May Rise Over 25% in a Single Quarter
Citrini analyst Jukan, citing Morgan Stanley analyst Joseph Moore, stated on X that the memory shortage in the data center sector is continuing to deteriorate, with no signs of easing market supply pressure, and the tightness of memory supply remains higher than expected. Currently, compared to the projected levels for the second quarter of 2026, prices for memory products with the same specifications have already risen by at least 25% in the third quarter, exceeding previous forecasts by Morgan Stanley and third-party institutions.The tight memory supply situation could further intensify in 2027 and 2028. Current available memory resources in the market cannot meet the rapidly growing demands of the artificial intelligence industry, and this situation is unlikely to change in the short term. AI is consuming a large amount of DRAM production capacity, reducing the memory resources available for other industries, and the production of consumer electronics such as PCs and smartphones has already been affected.AI is consuming a large amount of DRAM production capacity, reducing the memory resources available for other industries, and the production of consumer electronics such as PCs and smartphones has already been affected. The demand from AI is not only impacted by the memory shortage; memory itself is gradually becoming one of the key bottlenecks limiting AI development, on par with data center space and power supply. Additionally, some cloud computing customers are paying higher-than-expected prices to secure memory products delivered six weeks early. The market believes that as AI server construction continues to expand, pressure on the supply chains for High Bandwidth Memory (HBM) and DRAM may persist further.
Current
Memory
Rise
Analysis: Kimi Sparks Wall Street Concerns Over "Second DeepSeek Shock", Funds Flowing Out of High-Valuation Tech Stocks
According to The Wall Street Journal, following Moonshot AI's release of the low-cost, high-performance large model Kimi K3, Wall Street has once again seen concerns about a "DeepSeek-style shock," with the AI chip sector facing selling pressure. Morgan Stanley stated that the market may experience AI industry turbulence similar to that triggered by DeepSeek in early 2025, where the rise of low-cost, high-performance AI models could challenge top U.S. model developers such as OpenAI and Anthropic, while simultaneously weakening demand for the large-scale compute infrastructure underpinning the U.S. AI investment boom.
Moonshot
Moonshot
Moonshot
Street
Morgan Stanley: Raises TSMC Target Price to NT$2,988, Maintains "Overweight" Rating
According to STAR Market Daily, Morgan Stanley issued a report indicating that TSMC's 2026 full-year revenue guidance significantly exceeded expectations. The company raised its 2026 revenue growth guidance to over 40% year-on-year, previously over 30%. Management attributed the upward revision to strong AI demand, despite challenges in consumer demand. Cloud Service Providers (CSP) customers are rapidly increasing cloud capital expenditure. TSMC did not update its AI semiconductor revenue CAGR forecast, but stated that actual performance is higher than the previous forecast of 55%-60%. The bank believes a 70% to 80% CAGR for TSMC's AI semiconductor business is a reasonable assumption. The bank raised its target price from 2,888 New Taiwan Dollars to 2,988 New Taiwan Dollars, maintaining an "Overweight" rating. In a volatile market environment, the company's quality profitability should continue to attract capital inflows; next, the 2026 second-quarter cloud capital expenditure updates announced by CSP customers will be an important catalyst.
Market
Price
Starpower
PayPal Board Believes Stripe and Advent's $53 Billion Acquisition Offer Is Too Low
According to Reuters, the PayPal board believes the $53 billion acquisition offer ($60.50 per share) jointly proposed by Stripe and private equity firm Advent International undervalues the company, and has concerns regarding regulatory approval risks and financing certainty; it has not yet formally responded to the proposal. The PayPal board believes that if management successfully executes the existing transformation strategy, the company's future potential value will far exceed the current offer. Meanwhile, the acquirers have obtained approximately $50 billion in financing support from JPMorgan Chase and Morgan Stanley, with Stripe and Advent contributing a combined $17 billion in equity. Reportedly, if the parties encounter antitrust hurdles, they may consider divesting assets such as PayPal's Braintree to Advent. Despite differences, Stripe and Advent are still regarded as the most serious potential buyers at present, and negotiations are expected to continue for some time. PayPal will release its quarterly earnings report on July 28, and the market will closely monitor the growth of its core checkout business.
Meanwhile
PayPal
Stripe
摩根大通
Serenity: Small Wafer Allocation Could Support Hundreds of Millions in Gross Profit; CPO Volume Expansion May Further Unlock Growth Potential
"White Hair Stock God" Serenity published an analysis stating that if Sivers obtains approximately 10% of wafer capacity allocation from foundry Win Semi through an asset-light model, under the assumptions of 65% yield and an ASP of $50 to $75, the annual revenue from its optical array products could reach $341 million to $512 million. Based on management’s gross margin target of 50% to 60%+, the corresponding annual gross profit would be approximately $205 million to $307 million.At Sivers' current market cap of around $1.1 billion, the market cap-to-gross profit multiple in this scenario would be only about 3.6x to 5.4x. If the capacity allocation increases to 15%, annual gross profit could rise to between $307 million and $461 million, correspondingly reducing the valuation multiple to 2.4x to 3.6x.Serenity pointed out that Sivers' CEO has previously confirmed the company is cooperating with more wafer fabs to expand capacity, and since 2024, the scope of its supply chain certifications has been continuously expanding. With the accelerated development of the co-packaged optics (CPO) market, future revenue guidance and capacity plans may be further revised upward.On the demand side, supply of continuous wave (CW) lasers remains tight. Lumentum’s financial report indicates the company has begun purchasing CW lasers from the open market to fulfill EML orders. TrendForce data shows that AMD is securing related capacity through long-term agreements. Serenity believes that as Sivers enters mass production with partners such as GlobalFoundries, Jabil, Ayar Labs, POET, and O-Net, any newly added and certified independent capacity could be quickly absorbed by the market.Additionally, a recent report from Morgan Stanley has listed Sivers, with a market cap of approximately $1.1 billion, as one of the three core players in the CPO laser field, alongside Coherent and Lumentum, which each have market caps exceeding $55 billion. Serenity believes that beyond its existing business, Sivers—having listed on Nasdaq—may also expand its TAM through future M&A, replicating the growth path of Lumentum's acquisition of Cloud Light to enter the complete optical module and optical engine market.
Aspecta
Based
Based
Coherent
EML Protocol
Light
Morgan Stanley's E*TRADE Launches Spot Cryptocurrency Trading
E*TRADE, the online investment platform under Morgan Stanley, has launched spot cryptocurrency trading functionality. Eligible clients can now directly buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) through the E*TRADE platform.This crypto trading service is powered by digital asset infrastructure provider zerohash. Users can trade through a linked zerohash account and view both their digital asset and traditional investment portfolios within the E*TRADE platform.E*TRADE stated that the fee for spot crypto trading is priced at 50 basis points (50 bps), with asset transfer functionality expected to be launched later this year.This launch marks a further step in Morgan Stanley's digital asset strategy. Previously, E*TRADE has been continuously upgrading its investment service system, including launching retirement planning tools, fractional share trading, an upgraded IPO center, and feature optimizations for Power E*TRADE Pro aimed at active traders. (Businesswire)
Bitcoin
Ethereum
Polytrade
Solana
UniTrade
zerohash