{"podcast":{"title":"Thoughts on the Market","slug":"thoughts-on-the-market-980853","podcast_index_feed_id":980853,"rss_url":"https://rss.art19.com/thoughts-on-the-market","website_url":"https://art19.com/shows/thoughts-on-the-market","image_url":"https://content.production.cdn.art19.com/images/68/53/52/d0/685352d0-9248-46b0-99bc-96589e58c7da/17e395c4e66b1b71c451c38d72389ffaebc7784e20e8c3bea964dc0287434ef3475e93f6527b48a642d0d7a6a23943dcdef6c0b861481aed9ef54002b9f78b4d.jpeg","author":"Morgan Stanley","episode_count":1675,"summary":"Short, thoughtful and regular takes on recent events in the markets from a variety of perspectives and voices within Morgan Stanley.","last_synced_at":"2026-07-25T20:17:54.934994+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853"},"episode":{"title":"Next Leg of the Bull Market?","slug":"next-leg-of-the-bull-market","published_at":"2026-07-06T20:00:00+00:00","page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/next-leg-of-the-bull-market","show_page_url":"https://stenobird.com/podcast/thoughts-on-the-market-980853","url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/78c92992-21d9-4841-9c61-7aacc26e573a.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","audio_url":"https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/78c92992-21d9-4841-9c61-7aacc26e573a.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0","summary":"A changing macro backdrop is creating new opportunities across the equity market. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what's driving the shift and where it may lead next. Read more insights from Morgan Stanley. ----- Transcript -----   Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley’s CIO and Chief U.S. Equity Strategist.  Today on the podcast I’ll discuss why I think the broadening out in equity markets can continue.  It's Monday, July 6th at 11:30 am in New York.   So, let’s get after it.  Let’s talk about a market dynamic that’s becoming harder to ignore. The broadening trade is back, and it’s gaining momentum partly because one of the most crowded areas of the market – Semiconductors – is finally starting to lose some of its own.  To be clear, this doesn’t mean the AI cycle is over. However, trends don’t move in straight lines, and leadership can ebb and flow; especially if there are fundamental reasons supporting it. In fact, we’ve seen this happen several times already over the past couple of years with the hyperscalers and semiconductors ebbing and flowing. This is based on positioning, the rate of change on expectations for capex and the returns on that capex.   Meanwhile, our broadening call goes back to last November. Back then, we argued the economy had entered a new expansion after the rolling recession ended in the April of 2025. That view was based on a classic early-cycle setup where revenue growth returns to companies that had become cost efficient. That is the definition of operating leverage and that always leads to better than expected earnings growth – the core differentiation to our original outlook this year.   The market started to discou…","meta_description":"A changing macro backdrop is creating new opportunities across the equity market. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what's dri…","key_points":[],"chapters":[],"topics":[],"duration_seconds":308,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/next-leg-of-the-bull-market/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/thoughts-on-the-market-980853/next-leg-of-the-bull-market.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}