Morgan Stanley: Internet Stocks at Valuation Discount as AI Uncertainty Returns

According to TechFlow Research, Morgan Stanley's September 16, 2026 research report states that internet stocks rose 1% last week, while the S&P 500 and Nasdaq both fell 1% over the same period. META rose 5%, while Google and Amazon remained largely flat. Amazon, Google, and META have 2026 forward P/E ratios of 19x, 17x, and 20x, respectively, representing discounts of 34%, 35%, and 9% to their 12-month averages. The travel sector fell 8.1%, while digital advertising rose 1.4%.