# Special Encore: AI’s Next Big Leap Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/special-encore-ai-s-next-big-leap Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/special-encore-ai-s-next-big-leap.md Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853) Published: 2026-05-07T22:30:00+00:00 Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/0e2b1317-b6a2-4193-80bd-6e0bab849bbf.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0 Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/0e2b1317-b6a2-4193-80bd-6e0bab849bbf.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/special-encore-ai-s-next-big-leap Duration seconds: 623 ## Resource Original Release Date: April 28, 2026 Tom Wigg and Stephen Byrd discuss the accelerating pace of AI breakthroughs, the forces driving them and why the next phase of development may look very different from anything we’ve seen so far. Read more  insights  from Morgan Stanley. ----- Transcript ----- Tom Wigg:  Welcome to Thoughts on the Market. I’m Tom Wigg, Head of Specialty Sales in the Americas at Morgan Stanley, and a sector specialist in Technology, Media and Telecom. We wake up every day to new AI product releases, so it’s easy to lose sight of the unprecedented non-linear improvement in AI capabilities. But things are about to get weird. It’s Tuesday, April 28th at 8am in New York. The market has been thinking about AI in linear terms. But we need to reframe that assumption of only incremental improvement and think about exponential improvement. That was my takeaway from a conversation with Stephen Byrd, Global Head of Thematic and Sustainability Research at Morgan Stanley. In our conversation, we zeroed in on Stephen’s bull case for broader AI model improvements. Tom Wigg:  First, I want to talk about one obsession that you’ve been writing about for the last several months – is this idea that we’re going to see nonlinear improvements in the frontier models coming out this spring. Stephen Byrd:  Yes. Tom Wigg:  There’s been, you know, some big headlines around new models, benchmarks coming out publicly. Is this, you know, your bull case playing out on these models? And what are the implications? Stephen Byrd:  Yes! Absolutely, Tom. So we have, to your point, we are obsessed. And I know I’m not shy about that – with the nonlinear rate of AI improvement. It is the most important impact to so many stocks that I can think of in the s… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/special-encore-ai-s-next-big-leap/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/thoughts-on-the-market-980853/special-encore-ai-s-next-big-leap.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.