- Morgan Stanley retains a positive U.S. outlook: easing Medicaid and SNAP cuts could support household income and consumption, despite a deficit near 6% of GDP.
- Stricter data-center approvals, including a proposed Texas permitting pause, could delay projects and pressure near-term AI sentiment; the structural AI CapEx cycle is expected to continue.
- Executive-policy uncertainty remains around export controls, USMCA, tariffs and geopolitics, with renewed Iran conflict or new tariffs as additional market risks.
- The strategy remains overweight global equities and underweight core bonds; AI investment is expected to support earnings across U.S., European and emerging markets.
Investment pitches
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64 73 - Mike Wilson expects midterm elections, AI capex and liquidity constraints could push the S&P 500 about 9% lower to 7,100, but sees the ongoing internal correction ending before a rise to 8,000.
- Since 1950, stocks rose six and 12 months after every U.S. midterm election, though year-end performance was not consistently positive; a larger-than-expected Democratic victory could increase volatility through data-center regulation.
- AI financing is not yet systemic: 7–8% nominal GDP growth and strong access to debt and equity support big tech, while 8–10% borrowing costs pressure smaller, weaker firms—favoring quality rotation.
78 - KB sees semiconductors entering the second leg of a W-shaped rebound: Samsung and SK Hynix trade at just 3.0x and 2.5x forward P/E despite rising earnings.
- The AI investment cycle is shifting from preemptive capacity building to demand-led expansion, with cloud revenue and profits growing while supply constrains growth.
- KB forecasts a 2027 memory upcycle as prices and shipments rise, with agentic AI expanding demand for HBM, high-capacity DRAM, NAND and CPUs.
- The bank expects valuation recovery in November–December and targets ₩600,000 for Samsung and ₩3.5 million for SK Hynix; shareholder returns and long-term contracts support the thesis.
82 - Ackman argues AI computing demand is not a bubble: rapid progress toward superintelligence could drive near-limitless demand, while constrained supply preserves provider pricing power.
- He views META, MSFT, and AMZN as attractive despite heavy CapEx; their financing strength and ability to use advanced computing in core businesses make investment economically defensible.
- The thesis carries major AI-safety and geopolitical risks. Ackman favors concentrated ownership of durable growth companies, buying drawdowns with long-term capital rather than timing markets or chasing short-term doubles.
80 - Analyst maintains Buy and raises Koses’ target to ₩55,000, implying 74.6% upside; shares trade at roughly 8x 2027E P/E versus a 15x target multiple.
- Bloom Energy orders total ₩237.1bn, about three times 2025 revenue; Koses’ exclusive SOFC electrode-cell automation-equipment supply underpins the earnings-conversion thesis.
- 3Q26 revenue and operating profit are estimated at ₩59.9bn and ₩18.2bn, with SOFC reaching about 60% of sales as the business mix shifts.
- Late-October Bloom results, November 3Q26 earnings, and expected 2027 orders are the catalysts; forecasts imply operating profit of ₩50.5bn in 2026 and ₩76.6bn in 2027.
77 - BofA maintains a Buy and $140 target for CRWV, raising 2027/2028 revenue-growth forecasts to 105%/63% as active power expands and pricing improves.
- The model assumes 1.4–1.5GW of annual capacity additions and MW revenue rising from about $10m to $14m by end-2028, helped by NVIDIA’s Vera Rubin systems.
- Execution evidence includes 500MW of active-power expansion in Q2 2026 and an 8GW capacity goal by 2030; leased data centers, back-to-back contracts, 50% customer prepayments, and Tier-1 credit mitigate funding risk.
- Five-year hyperscaler and AI-lab contracts improve revenue visibility and project financing, but higher-priced short-term contracts could lift margins while reducing predictability; the 15.5% drop reflects funding concerns.