Multiple Growth Engines Building Momentum; OW

Research evidence excerpt

Multiple Growth Engines Building Momentum; OW

rgan Stanley Research estimates, a = Actual Company reported data

reinforce a durable double-digit growth outlook.

IPO recovery broadened beyond AI into healthcare, defense and consumer, Check out our recent reports:

increasing confidence in a more durable listings recovery. Brokers & Exchanges: 2Q26 Preview: Catalyst-

Rich Path Ahead Despite 2Q Selloff (10 Jul

AI, tokenization, 23/5 trading and event options expand NDAQ's addressable

2026)

market and long-term revenue opportunity.

Exchanges: Digital Rails, Traditional Trust;

Mgmt sees minimal downside from perpetual futures (<1% revenue overlap)

Implications of the Next Market Structure Stack

while infrastructure demand could create incremental FinTech opportunities.

(23 Jun 2026)

Nasdaq, Inc.: Innovation, Distribution, and

Reiterate OW as we see cyclical tailwinds accelerating revenue growth across the

Market Structure Tailwinds Support the Next

Solutions business through 2026-27, while durable secular growth drivers

Phase of Growth (24 Apr 2026)

continue to extend NDAQ's earnings runway. We view NDAQ as both a beneficiary

Brokers & Exchanges: What I Learned at Boca

of the capital markets recovery and a business transformation story, with an

'26 (16 Mar 2026)

increasing mix of higher-quality recurring revenues across data, index, market

Nasdaq, Inc.: Key Takeaways from 2026 MS TMT

technology and anti-financial crime software that should command a higher

valuation. A stronger IPO backdrop should lift listings revenues, while improving risk

Morgan Stanley does and seeks to do business with

appetite and broader corporate earnings growth support Index and Workflow & companies covered in Morgan Stanley Research. As a result,

Insights.