Morgan Stanley says these are 4 big market themes investors are focused on right now

• Morgan Stanley says investors are focused on a handful of big market themes.
• AI capex, longevity, tokenized finance, and brain-computer interfaces lead the way.
• AI data center energy needs and longevity trends are reshaping global economic growth.

What are the biggest themes investors are watching right now?

That's a question Morgan Stanley sought to answer at its first Thematics Conference earlier this month. The bank hosted business leaders from various industries to talk about key long-term economic drivers and compiled some of the key takeaways in a note to clients on Monday.

Here are four of the biggest trends the bank highlighted.

AI capex — and the energy bottleneck

It's hard to ignore how dominant a force the AI capex cycle has been in markets. However, if the energy needs of datacenters outpace supply, the AI trade could face some roadblocks ahead.

"We believe investors may be under-appreciating the challenges to providing high-quality power to data centers," the bank said in the report.

That's why the energy build-out trade could be one of the next AI plays to watch.

Bloom Energy (BE) and Solaris Energy (SEI) are "well-positioned to capitalize on this trend," Morgan Stanley said.

Longevity

People are living and working longer, and that could be a trend that helps propel economic growth, Morgan Stanley said.

"Longevity is creating a large and under-recognized market opportunity as the 60+ population hold one-third of global buying power," the report said.

The bank added that older cohorts are becoming more tech-savvy and are spending more on lifestyle-driven products.

"Keeping older adults engaged in the workforce and consumer economy can help offset growth pressures from simultaneous retirements, while technology is narrowing the gap between lifespan and health-span and reshaping assumptions about aging's impact on productivity and consumption."

Tokenized finance

The bank said tokenization — which allows for assets to be digitalized and traded on a blockchain — promises to "modernize the financial system plumbing and infrastructure."

"Tokenization allows recording ownership of almost any asset on digital ledgers that participants can independently verify. We see firms experimenting in the space, with asset mgrs launching digital money funds on blockchains, while some alternative asset mgrs are experimenting with distributing private market funds on blockchains," the bank said. "While it remains early days, there's potential to further democratize private markets and expand use of borrowing."

Tokenization has already come to the stock market, and crypto bulls says it could revolutionize ownership of everything from real estate to commodities.

Brain-computer interfaces

While brain computer implants are still in their early stages, the industry will eventually be worth tens of billions of dollars.

"Patient demand is strong, evidenced by Neuralink's ~10,000- person waitlist, and success will ultimately be measured by hundreds of thousands of lives improved through safe, scalable, and wireless implant systems," the report said.

"This theme sits at the intersection of healthcare, AI, and advanced manufacturing, signaling a long-cycle growth opportunity with profound societal impact."