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Morgan Stanley: SpaceX Target Price $300, Enterprise AI Accounts for 55% of Valuation
Morgan Stanley notes that the market only sees rockets and satellites, while pricing for enterprise AI and distributed inference clouds is nearly zero. AI compute for FY2027 is estimated at 4.9 gigawatts, with the company targeting nearly 10 gigawatts; every additional 1 gigawatt of compute capacity could increase the stock price by approximately $27. Maintains an Overweight rating.
Price
Morgan Stanley: North American Internet Stocks Are Attractive, Valuations Diverge Among Leading Companies
According to TechFlow, a Morgan Stanley research report dated October 13, 2026 shows that for the week ended October 9, U.S. internet stocks rose by approximately 2% on a market-cap weighted basis. The sector's forward 12-month EV/EBITDA stands at approximately 12.6x, representing a discount of roughly 7% and 16% against the five-year and ten-year averages, respectively. Morgan Stanley rates the North American internet sector as "attractive," although valuations among top companies remain inconsistent. Amazon and Meta trade at approximately 13% and 10% below their respective two-year averages, while Alphabet trades at a premium of about 4%. The report further estimates that treating stock-based compensation as cash expenses leads to median increases in expected 2026 EV/EBITDA of approximately 26% for e-commerce companies and 38% for digital media companies, indicating that equity compensation costs significantly influence valuation outcomes.
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Diverge
U.S. Bitcoin spot ETFs recorded a net inflow of $175.62 million yesterday.
According to Trader T data, US Bitcoin spot ETFs recorded net inflows of $175.62 million on October 13. Fidelity FBTC saw net inflows of $103.06 million, BlackRock IBIT recorded $65.89 million in net inflows, and Morgan Stanley MSBT posted $6.67 million in net inflows. Net flows for other institutional ETFs, including Grayscale GBTC, were $0 for the day.
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Morgan Stanley: Samsung Leads Globally in Profit, Memory Supercycle Valuation Hard to Fully Capture
Morgan Stanley notes that the memory super cycle is real, but the market continues to price based on the old cycle, failing to reflect full valuation multiples. Memory stocks have already rallied 9-fold since the cycle's inception, amid moderating earnings revision breadth. The firm recommends overweighting the AI compute and networking supply chains, taking a selective approach to memory with a preference for Samsung, SK Hynix, and Kioxia.
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MSX to List WFC Spot and Futures Trading on October 12
according to an MSX announcement, MSX will list WFC (Wells Fargo) tokenized stock on October 12, 2026 (UTC+8), supporting both spot and futures trading. Wells Fargo reported Q2 2026 revenue of $22.622 billion, EPS of $2.00, and net interest income of $12.317 billion, up 5% year-over-year; the company will release its Q3 earnings report on October 13.
Expected to reach $3 trillion to $10 trillion, Morgan Stanley sees tokenized RWA market expanding in the 2030s
Odaily reports: Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, stated that by 2030, the market size of tokenized real-world assets (RWA) will reach $3 trillion to $10 trillion, a prediction she said is "without a doubt." She noted that industry growth drivers are mutually reinforcing, institutional investors' attention to and participation in related sectors continues to increase, and a clear sense of FOMO (fear of missing out) has emerged in the institutional market. Morgan Stanley previously expected to begin supporting tokenized stock trading on its alternative trading system (ATS) in the first quarter of 2027, a delay from its previously announced plan for the second half of 2026.
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摩根士丹利推迟代币化股票上线时间至 2027年 Q1
据 The Block 报道，摩根士丹利计划在其替代交易系统（ATS）上支持代币化股票的时间，由此前宣布的 2026 年下半年推迟至 2027 年第一季度。摩根士丹利数字资产战略负责人 Amy Oldenburg 表示："Q1 更为现实，因为这将与更广泛生态系统中的其他活动保持一致，但团队目前正在积极推进建设。"
Alltoscan
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The Block
Morgan Stanley: S&P Equal-Weight Down 5%, AI Concentration Risk Builds Ahead of Year-End
According to Chaoxiang Research, Morgan Stanley's October 9, 2026 research report indicates that the S&P 500 index declined 0.5% on a market-cap-weighted basis and 5% on an equal-weighted basis in September; the top six contributing stocks accounted for a combined positive impact of approximately 190 basis points, while the remaining constituents dragged down performance by about 240 basis points combined; the median forward P/E ratio for AI and semiconductor stocks stood at approximately 32x, above the ten-year average of roughly 19x.
Morgan Stanley: iPhone 18 component orders cut by 15%, end-device production has yet to follow suit
According to TechFlow, a Morgan Stanley research report dated October 8, 2026, notes that just four weeks after the launch of the iPhone 18 Pro and Pro Max, component orders have been cut by at least 15%. Largan Precision stated that customers have reduced orders, bringing delivery lead times down to 1.5 to 4 weeks. Morgan Stanley maintains its iPhone shipment forecast at 57 million units for the September quarter and 76 million units for the December quarter. Morgan Stanley assesses that the component order cuts have not yet translated into end-product manufacturing reductions, with neither Foxconn nor TSMC cutting capacity. If the current demand trend persists, the risk of production downgrades from 2027 onward will increase. The firm maintains an Overweight rating on Apple with a $355 target price. Changes in orders for Foxconn and TSMC will be the next key focus.
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Morgan Stanley: Oracle's 5-year CDS rises to 260bps, chip leasing SPVs expected to become the new vehicle for AI financing.
According to Chaoxiang Research, a Morgan Stanley research report dated October 7, 2026, indicates that Oracle's 10-year USD bond yield has reached 7.5%, while its 5-year credit default swap (CDS) has risen from 57 basis points to 260 basis points. The Wall Street Journal reported that Oracle may be purchasing chips through a third-party entity and leasing them back, though the scale remains undisclosed and the loan-to-cost ratio exceeds 50%. Morgan Stanley considers this structure highly consistent with its long-term hypothesized framework for a chip-leasing SPV, under which the credit exposure is booked as debt on the balance sheet and incorporated into the parent company's adjusted leverage assessment. Morgan Stanley judges that the bond market's reaction is primarily driven by investors' capacity to absorb the broader chip financing wave, with Oracle's individual transaction playing a secondary role. From a trading perspective, the firm recommends buying Oracle's 5-year CDS and selling the 2035 and 2055 maturing bonds, positioning for a deterioration in Oracle's credit profile.
Oracle
Street
Morgan Stanley: Waymo Mileage Falls Short of Expectations, Google Agent Integration Key to Revaluation
According to Chaoxiang Research, a Morgan Stanley research report dated October 6, 2026, indicates that Waymo's first-half mileage fell approximately 3% short of expectations, with San Francisco, Phoenix, and Austin all lagging behind model projections. Morgan Stanley has raised its 2028 mileage forecast by approximately 2%, expecting Waymo's revenue to reach around $20 billion by 2032, with a fleet size of 120,000 vehicles. Waymo accumulates approximately 370,000 miles per accident, roughly five times the rate of human drivers in the United States.
Key
Phoenix
Phoenix
Yesterday, Ethereum spot ETF net outflow was $72.53 million.
According to data from Trader T (@thepfund), Ethereum spot ETFs recorded a total net outflow of $72.53 million yesterday, with BlackRock's ETHA seeing the largest single-day outflow of $71.1 million. Grayscale's ETHE experienced an outflow of $6.12 million, VanEck's ETHV at $0.9 million, and 21Shares' TETH at $1.23 million. Fidelity's FETH recorded a net inflow of $5.5 million, while Morgan Stanley's MSSE saw a net inflow of $1.32 million. Cumulative outflows for Ethereum ETFs in October have reached $578.8 million, marking the largest monthly outflow since December 2025.
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Morgan Stanley: Marvell FY31 EPS guidance exceeds $30, raising the growth threshold
According to Chaowang Research, a Morgan Stanley research report dated October 7, 2026 states that Marvell's Investor Day outlined an FY31 revenue target of $70 billion to $90 billion, with a midpoint of $77.5 billion, and non-GAAP EPS exceeding $30. FY28 revenue guidance was raised from $18 billion to $20 billion. Morgan Stanley raised its price target from $268 to $300, maintained an Equal Weight rating, and noted a current stock price of $287.01.
UK government appoints 6 banks to lead issuance of first digital-native government bond, expected in Q1 2027
Odaily News: The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for its first digital-native government bond, the Digital Gilt Instrument (DIGIT), which is expected to be issued in the first quarter of 2027. The six banks will provide underwriting, investor communication, and distribution services.DIGIT will be issued through a platform within the UK Digital Securities Sandbox and will test the application of distributed ledger technology in the issuance and full lifecycle of government bonds, including on-chain settlement. Lucy Rigby, Economic Secretary to the UK Treasury, stated that the project aims to explore the application of distributed ledger technology in the sovereign debt market and to advance the development of the UK's digital financial infrastructure.HSBC was appointed in February as the distributed ledger technology provider for the pilot, and in July reached an agreement with London Stock Exchange Group to develop a connectivity solution for a digital securities depository. (Cointelegraph)
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Treasury
Holding Over $900 Million in Bitcoin, Morgan Stanley Bitcoin ETF On-Chain Address Marked by Arkham
Arkham posted on X stating that the on-chain wallet of Morgan Stanley Bitcoin ETF MSBT holds 10,519 BTC, valued at $904 million. MSBT began trading on NYSE Arca in April, and Arkham said it identified and first publicly disclosed the ETF's address within one week.
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大摩维持黄金看多观点 称 4000 美元为强底部
摩根士丹利策略师表示，尽管金价近期受美债收益率上升压制回落，但仍维持未来 12 个月看多立场，并指出 4000 美元是“相当强的底部”。
Morgan Stanley Establishes Digital Asset Lab to Test Stablecoin, Tokenization, and DeFi Technologies
Odaily News: Morgan Stanley has established a digital asset lab to test technologies such as stablecoins, tokenization, and decentralized finance applications, and to explore the use of blockchain-based systems across its various business lines.Megan Brewer, Head of Market Innovation and Labs at Morgan Stanley, said the initiative is part of the company's existing innovation lab network, which provides employees with dedicated facilities to explore emerging technologies while avoiding risks to the bank's core systems.
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Hut 8 Completes $1.07 Billion Four-Year Senior Secured Revolving Credit Facility, Led by JPMorgan
Odaily News: Hut 8 announced the completion of a $1.07 billion four-year senior secured revolving credit facility, with JPMorgan serving as Lead Arranger, Bookrunner, and Administrative Agent, Citi, Goldman Sachs, and Morgan Stanley serving as Joint Lead Arrangers and Joint Bookrunners, and a syndicate comprising 12 lending institutions in total. Hut 8 is primarily engaged in energy infrastructure and digital asset mining businesses.
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摩根大通
Morgan Stanley Becomes Strategic Partner of NEXTPredict, Will Explore Institutional Capital Entering Prediction Markets
According to Decrypt, Morgan Stanley has become a strategic partner of New York Prediction Market Summit NEXTPredict and will host discussions on institutional capital entering prediction markets at the event scheduled for October 22–23. Pierre Lindh, co-founder of NEXTPredict, noted that this marks the first time a bank has publicly engaged in events within this sector. The session will be moderated by Stephen Grambling, Head of US Gaming, Hotels & Leisure Research at Morgan Stanley, focusing on the opportunities for institutional funds to enter prediction markets, along with market structure and risk considerations. Currently, around 90% of liquidity and trading volume in prediction markets remains concentrated in sports contracts, though some financial institutions are beginning to explore its potential applications in market forecasting, internal forecasting, and corporate risk hedging. Morgan Stanley previously also took part in Kalshi’s $1 billion Series F funding round completed in May this year.
Decrypt
Kalshi
Market
US Bitcoin spot ETFs saw a net inflow of $347 million yesterday.
According to Trader T data, on September 23, US spot Bitcoin ETFs recorded total net inflows of $346.98 million, marking a cumulative net inflow of $2.65 billion over five consecutive days. BlackRock IBIT saw net inflows of $166.29 million, Fidelity FBTC recorded net inflows of $143.24 million, Morgan Stanley MSBT posted net inflows of $32.41 million, and Ark Invest ARKB logged net inflows of $5.04 million.
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