Global Thematics: Thematics + Mathematics

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Global Thematics: Thematics + Mathematics

Global Foundation

June 11, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMGlobal Thematics Stephen C Byrd

Equity Analyst

Thematics + Mathematics Stephen.Byrd@morganstanley.comMorgan Stanley México, Casa de Bolsa, S.A. de C.V.+ +1 212 761-3865

Nikolaj Lippmann

In this note, we tie together under-appreciated mathematics EquityNikolaj.Lippmann@morganstanley.comStrategist +1 212 761-2463

relating to our key Thematic predictions. Key alpha calls: AI

Morgan Stanley & Co. International plc+

Infrastructure bottlenecks (with Bitcoin stocks as the standout Ronald Ho, CFA

given the "REIT End Game" math), the "merchants of compute," QuantitativeRonald.Ho@morganstanley.comAnalyst +44 20 7425-2722

and Agentic AI beneficiaries. Stephan M Kessler

Quantitative Analyst

Stephan.Kessler@morganstanley.com +44 20 7425-2854

Key Takeaways

Morgan Stanley & Co. LLC

Mathematics can show up in surprising ways in the field of investing. We believe Michelle M. Weaver, CFA

that mathematical relationships across Thematic ideas are under-explored. Equity Strategist

Michelle.M.Weaver@morganstanley.com +1 212 296-5254

Examples of under-explored mathematics: "time to power + REIT end game," Anna Feldman

token economics, non-linear LLM improvement, compute demand vs. supply. Equity Strategist

Anna.Feldman@morganstanley.com +1 212 761-3784

More exotic "Thematic math" that is under-appreciated: Thematic conviction

around buying Themes on weakness.

Thematic investing naturally focuses on the "big

picture," but it depends on some very precise

analysis — and a surprisingly large amount of

underlying mathematics go into our key Thematic

predictions. We believe many of these

mathematical foundations are not well understood

and can be significant drivers of alpha. Before we