Morgan Stanley's Slimmon on Credit Angst | Insight with Haslinda Amin 10/17/2025

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Morgan Stanley 9.0
Investment Bank $1600.00B
Michael Slimmon 9.0

Morgan Stanley's Slimmon on Credit Angst | Insight with Haslinda Amin 10/17/2025

ndx

I expect the bull market to roll on with a healthy pullback as speculative high-beta tech stocks outside AI correct, but the AI trade remains strong and early with insatiable demand. Monetary and fiscal policy are stimulative, and despite some risks in credit and speculation in certain tech segments, AI demand is robust and a key growth driver, preventing a broad market downturn.

31 calls

+5

slightly better than random

10/14/2025 9:08:43 PM	medium term up	20 days later	+2.79%	+2.79%
10/2/2025 9:07:28 AM	medium term up	20 days later	+1.26%	+1.26%
9/23/2025 3:45:06 PM	medium term up	20 days later	+0.31%	+0.31%
9/22/2025 11:26:50 PM	short term cautious up	6 days later	+0.13%	+0.06%
9/8/2025 9:33:32 PM	short term up	6 days later	+1.90%	+1.90%
9/4/2025 5:07:54 PM	medium term up	20 days later	+3.15%	+3.15%
9/4/2025 9:41:48 AM	medium term cautious down	20 days later	+3.15%	-1.57%
8/18/2025 11:36:07 PM	medium term up	20 days later	+1.61%	+1.61%
8/7/2025 5:16:29 PM	medium term up	20 days later	+0.39%	+0.39%
8/5/2025 10:59:28 PM	medium term up	20 days later	+0.90%	+0.90%

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We ask an analyst from Morgan Stanley what's keeping him up at night.

Haslinda Amin
Andrew Slimmon

I think you have to consider that a lot of money has poured into prior credit alternatives over a few years, and the question is what is the leverage on top of that? It's contained for big banks, but publicly traded alternative managers' stocks have been going down. I don't think this is going to be a 2008 scenario, but there's probably more to come. The Fed is sensitized to credit issues and likely to cut rates which is good for equities, but speculative tech stocks outside AI have been hit, which I see as healthy.
You expect the bull market to roll on?

Haslinda Amin
Andrew Slimmon

Yes, but momentum masks risk. There's too much speculation in some high-beta tech stocks which aren't AI stocks. I think we're early in the AI trade, and demand remains insatiable. This is different from the internet bubble in 1999-2000.
Are you worried about a bubble?

Haslinda Amin
Andrew Slimmon

There's a bubble in bubble talk about AI, but not in AI itself. I recommend sticking with big companies generating cash flow. Be cautious investing in sectors touted as non-correlated AI plays because their correlations are high.

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