Key facts
- Morgan Stanley identified 24 AI infrastructure stocks expected to benefit from supply chain bottlenecks.
- The bank forecasts hyperscaler capex growth to slow from 60% in 2027 to 14% in 2028.
- Companies with strong pricing power or market share expansion opportunities are favored.
- Nvidia, Advanced Micro Devices, Broadcom, and Micron Technology are among the listed stocks.
- SK Hynix and Samsung Electronics are highlighted for HBM bottlenecks.
Morgan Stanley analysts have identified 24 AI infrastructure stocks that they believe are well-positioned to perform even if capital expenditure growth slows. The bank anticipates a deceleration in year-over-year capex growth from 60% in 2027 to 14% in 2028, following an expected nearly 100% growth in 2026. These favored companies possess strong pricing power due to supply chain constraints or have opportunities to expand their market share. Nicholas Lentini, an equity strategist at Morgan Stanley, noted in an October 15 report that these companies are expected to continue seeing upward revenue and earnings revisions. The bank also suggested that capex might not decelerate as much as feared, citing historical underestimations of compute cycles and the ongoing race to build data centers, which will likely sustain bottlenecks and willingness to pay.