Analysts at Morgan Stanley believe that in 2026, the dynamics of stock markets will be determined not so much by traditional macroeconomic factors, but by a number of unresolved issues in the areas of technology, global trade, capital expenditures, and consumer behavior.

According to the bank, investors are already grappling with these issues, but their impact is not yet fully reflected in current stock prices.

A key question remains how widely artificial intelligence (AI) will spread beyond its early adopters. Despite hefty investments in AI, the next stage of development depends on its practical implementation, identifying which industries will be able to derive substantial benefits and which ones will only face rising costs.

Among the sectors where AI could significantly change operational methods, Morgan Stanley cites transportation, retail, media, and healthcare. Analysts note that future winners may differ from current market expectations.

A separate discussion concerns the development of data centers and infrastructure for AI. Investors are assessing whether the current surge in capital expenditures will translate into sustainable profits or whether constraints on electricity, price pressures, and uneven demand will limit growth potential.

Analysts emphasize that access to electricity and geographical location may prove to be as important as the technologies themselves in recognizing long-term market leaders.

Morgan Stanley also points to the strengthening multipolarity of global trade, which could lead to structural changes in the extraction of critical minerals and the placement of new manufacturing capacities. In a more fragmented global economy, supply chains, resource extraction, and industrial production are increasingly shaped by political decisions alongside economic factors.

This raises questions about the redistribution of investment flows and which companies will benefit from a more regionalized model of the global economy.

At the corporate level, investors continue to discuss the prospects for mergers and restructurings. With uneven deals and still high financing costs, companies may remain cautious, focusing on efficiency and balance sheet management.

Finally, analysts note the growing impact of GLP-1 weight loss drugs on the food industry, retail, and healthcare. The discussion is shifting from the effectiveness of these medications to how deeply they are changing consumer habits and demand structures across various sectors.