‼️ Morgan Stanley’s Mike Wilson sees momentum stocks poised for a comeback, but with a different leadership mix as the market broadens and rotates from early-cycle AI enablers toward mid-cycle adopters. He argues the recent momentum unwind reflects this cyclical transition rather than just positioning, and expects the next leg higher to be led by services-oriented, asset-light businesses that prioritize free cash flow and operational efficiency—particularly in software, financial services, insurance, and healthcare services.
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