European Equity Strategy: Show Me The (Real) Money – AI In The Driving Seat

研报英文原文证据摘录

European Equity Strategy: Show Me The (Real) Money – AI In The Driving Seat

Foundation

May 22, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MEuropean Equity Strategy | Europe Regiane Yamanari

Equity Strategist

Show Me The (Real) Money – AI Regiane.Yamanari@morganstanley.comMarina Zavolock +44 20 7677-4652

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

In The Driving Seat Leoni Externest, CFA

Leoni.Externest@morganstanley.com +44 20 7425-2681

We update our real money positioning data to end of 1Q

Morgan Stanley India Company Private Limited+

spotlighting LO positioning across key thematics such as AI Karthik Nityanand

capex, disruption, and energy security. Our database captures StrategistKarthik.Nityanand@morganstanley.com +91 22 6995-1587

c.280 funds / $1.4tn AuM across Global, International, & Jitiksha Shah

European active real money funds. EquityJitiksha.Shah@morganstanley.comStrategist +91 22 6995-9374

What stood out to us most from the latest data: Morgan Stanley & Co. International plc+

Emily A Woods

- AI Capex beneficiaries exposure rising across LO funds ( Exhibit 1 ): LO fund Equity Strategist

Emily.Woods@morganstanley.com +44 20 7425-1597

exposure to AI capex beneficiaries increased in 1Q across all three fund types

(European, International and Global). The average size of this overweight came in at

Exhibit 1 : AI Capex beneficiaries exposure

+106bp above benchmark at end March, up from +73bp at year-end. This overweight

has increased for the three type of funds

is largest among European and Global funds and key stocks driving positioning are

(European, International and Global) in 1Q

Schneider, ASML, Legrand, ASMI and Glencore - a detailed breakdown by stock can