And Then There Was One?

Research evidence excerpt

And Then There Was One?

Europe Insight

July 6, 2026 11:01 PM GMT

Morgan Stanley & Co. International plc+MEuropean Thematics Paul R Walsh

EMEA Head of Research Product

And Then There Was One? Paul.R.Walsh@morganstanley.comMarina Zavolock +44 20 7425-4182

Equity Strategist

Marina.Zavolock@morganstanley.com +44 20 7425-2318

It's easy to believe that Tech Diffusion has been the only "theme" Morgan Stanley & Co. LLC

in town this year, and while equity market moves globally would Stephen C Byrd

support this perception, we see a broader picture. It's EquityStephen.Byrd@morganstanley.comAnalyst +1 212 761-3865

challenging to identify a historical comparison for the thematic Morgan Stanley & Co. International plc+

concentration we are witnessing globally today, and Europe is Rachel Fletcher, Ph.D.

no different, with AI, energy and defence all likely to see EquityRachel.Fletcher@morganstanley.comStrategist +44 20 7677-4089

significant capital formation for years to come. Shawn Kim

Equity Analyst

Shawn.Kim@morganstanley.com +44 20 7677-1018

Key Takeaways Lee Simpson

Here, we bring together the key thematic content we don't want you to miss Lee.Simpson@morganstanley.com +44 20 7425-3378

from our wider sector teams over the past quarter, or so Nigel van Putten

While AI continues to run richly through the veins of many of Europe's key Nigel.Putten@morganstanley.com +44 20 7425-2803

themes, our focus has broadened beyond the tech stack to assess wider Emmet B Kelly

implications Emmet.Kelly@morganstanley.com +44 20 7425-6830

Jamie Rollo Tech Diffusion and the AI-capex beneficiary story remain attractive in Europe, but

we also see a broadening playing out across Europe in a bid to reduce thematic Jamie.Rollo@morganstanley.com +44 20 7425-3281