Morgan Stanley Releases Report on AI Investment Truths: Moore's Law Expires, Token Economics Emerge, Software Moats Reshape

According to Morgan Stanley Investment Management, the firm released its second quarter deep research report titled "Artificial Intelligence: Ten Investment Truths" on July 6, highlighting that AI is no longer a purely technological race but a systemic transformation reshaping global industry and organizational operations.

Key findings include: Moore's Law is breaking down as AI bottlenecks shift from chips to power, storage, networks, cooling systems and data center supply; token economics are rising as data centers transition from cost centers to intelligent output production facilities, with tokens serving as measurement units for computational output; and software moats are being reshaped around data, domain expertise and distribution rather than code functionality, as AI lowers development barriers and competitive advantages shift to harder-to-replicate core assets including enterprise data, industry knowledge and embedded business process experience.