Morgan Stanley midyear economic outlook: AI drives resilient growth
- May 17
- 1 min read
MORGAN STANLEY — AI-related spending is the dominant force in the current investment cycle—and critical to the resilient U.S. growth outlook. Business spending in the U.S. should rise 7% in the fourth quarter from a year earlier and 8% in 2027 overall.
Companies’ spending on data center infrastructure continues to exceed investors’ expectations. This dynamic is consistent with an early-stage investment cycle in which scaling capacity is more important than optimizing it.
“AI capex includes data centers, power infrastructure, information-processing equipment and software,” Carpenter says.
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