I think Morgan Stanley’s 2026 outlook is upbeat but still grounded. The idea that fiscal, monetary, and deregulation policies are aligning is rare, and with AI capex still early, U.S. equities do have a strong foundation. Overall, I agree that risk assets — especially U.S. tech — could continue leading next year.
The forecast I find most convincing is U.S. equity outperformance, supported by earnings momentum and policy tailwinds. The part I’m less confident about is the assumption that AI spending will keep rising smoothly — any slowdown in data-center financing or capex could hit both credit and equities at the same time.
My own 2026 call: AI capex stays high but becomes more selective, the S&P 500 likely posts mid-single-digit gains, and Japan quietly surprises on the upside thanks to reforms and steady BOJ support.
@TigerStars @Tiger_comments
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