AI SPENDING TO SURPASS DOT-COM BUBBLE, WARNS MORGAN STANLEY Morgan Stanley says hyperscaler AI investment is set to exceed dot-com era levels, with capex intensity projected to hit up to 45% of sales by 2028. Analyst Todd Castagno warns spending is surging far faster than revenue, with over $2 trillion expected from hyperscalers alone—driving a major concentration of investment in AI. While semiconductor firms stand to benefit, rising costs and slower monetization could make future earnings more sensitive to revenue growth.(*Walter Bloomberg)