AI Momentum Breaks: Go Residual, Follow Earnings

研报英文原文证据摘录

AI Momentum Breaks: Go Residual, Follow Earnings

Global Idea

July 30, 2026 10:50 PM GMT

Morgan Stanley & Co. International plc+MQuantitative Equity Research Ronald Ho, CFA

Quantitative Analyst

AI Momentum Breaks: Go Ronald.Ho@morganstanley.comMorgan Stanley India Company Private Limited+ +44 20 7425-2722

Rakhi Arora

Quantitative AnalystResidual, Follow Earnings Rakhi.Arora@morganstanley.com +91 22 6996-2259

The drawdown is a broad growth-to-value rotation, with AI- Morgan Stanley & Co. International plc+

Stephan Heller

Quantitative Analystheavy momentum unwinding across regions. Stay invested in

Stephan.Heller@morganstanley.com +44 20 7425-9753

Price Momentum, complement it with Residual and Earnings

Window Momentum, use revisions in the US and Europe, and Morgan Stanley MUFG Securities Co., Ltd.+

Ukyo Haraguchi, CFA

Quantitative Strategistadd global Energy Security.

Ukyo.Haraguchi@morganstanleymufg.com +81 3 6836-8925

Morgan Stanley & Co. International plc+M Stephan M Kessler

Key Takeaways Quantitative Analyst

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

AI-heavy momentum is unwinding across regions. Europe’s bank-heavy long book

masks the decline, while a broader short-leg rebound adds further drag. Morgan Stanley & Co. LLC

Stephen C Byrd

Momentum valuation has partly normalized in the US and fully corrected in Equity Analyst

Japan; Europe never became rich, confirming its current drawdown is not Stephen.Byrd@morganstanley.com +1 212 761-3865

valuation-driven. Morgan Stanley & Co. International plc+

Marina Zavolock

Stay invested in momentum: Price Momentum tends to rebound most after Equity Strategist

severe drawdowns, while Residual Momentum offers lower AI beta and greater Marina.Zavolock@morganstanley.com +44 20 7425-2318

consistency.