MS · News · 20261022N

AI Infrastructure Demand

MORGAN STANLEY · 2026-10-22 · Importance 10 · Surprise 6

Morgan Stanley identified 24 AI infrastructure stocks positioned to remain resilient if capital-expenditure growth moderates. The bank expects year-over-year AI infrastructure capex growth to slow, but sees persistent data-center construction demand supporting companies with pricing power or opportunities to expand market share. Supply-chain bottlenecks remain a constraint in the race to build data centers, while higher financing costs could weigh on future AI spending.

Key facts

• Morgan Stanley has identified 24 AI infrastructure stocks that are expected to perform well even if capital expenditure growth slows. source
• Morgan Stanley predicts a moderation in year-over-year capex growth while noting persistent supply chain bottlenecks could allow companies with strong pricing power or market share expansion to thrive in building data centers. source
• Morgan Stanley noted concerns about higher financing costs impacting future AI spending. source