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Morgan Stanley's 120-page report claims the AI pullback is technical; I believe it, but with a caveat

Can't Finish Reading PapersAug 32026/08/03 292 views

I noticed an interesting detail. From late June to now, the global AI sector took a hit, causing widespread panic in the market, with some shouting that "the AI bubble is about to burst." But on July 27th, Morgan Stanley released a 120-page report titled Playing the AI Infrastructure Dip—which basically translates to "jump on board while AI infrastructure stocks are down."

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LuguoAug 4

Power bottlenecks are indeed a hard constraint that's easily overlooked. Morgan Stanley singling out the 'Time to Power' metric shows they're also looking at capex opportunities on the energy side. This area might have more certainty than AI chips themselves.

SlippageAug 3

Power supply is indeed a hard constraint... Over the past few weeks, while tuning Waymo's charging scheduling, I also found that grid capacity is an invisible ceiling. No matter how many data centers you build, without electricity, it's all for nothing.