Morgan Stanley sends a message to wealthy clients chasing AI stocks

The AI trade is hitting a wall of overvaluation, and the market is dangerously wrong about interest rates. While investors wait for cuts, a rate increase is no longer off the table. The real play isn't tech; it's "digital infrastructure" and energy—the only assets that will survive as the grid fails to meet AI's power demands. Traditional bonds are a trap, and scarcity is the only hedge left. Are you prepared for a rate hike, or are you still chasing the AI peak?
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