MSMorgan Stanley

“what is new is that we are beginning to evolve from pure efficiency exercises where you could have effectively replacements of what might have been a a call center or what might have been an operational function to automate routine tasks like moving money to something that over time becomes a productivity phenomenon. And that efficiency and effectiveness transform is super compelling. The efficiency you talked about, but what about the effectiveness where you can have the historical context as between the financial adviser and the client where she is well aware of the past interactions and how that might drive against certain market dynamics, future action.”

“AI is our friend, okay? It is just the latest generation of technology that is going to be part of the ecosystem. And we are at an important moment. We are working with Claude mythos, the beta version, and we are looking at different places inside of infrastructure, where we will just continue to — there will just be continuous improvement”

“this phenomenon is taking place inside of our equities business, where, as you know, we have a leadership business where we are able to take some of the complex questions that are asked, but sort of of the technical type and they can be answered directly by a client agent inside of the electronic trading platform.”

“yes, we are permissioned on — I think the official name is Claude Mythos preview. And certainly, the reality is that cyber risk is in the ecosystem, Mike, as you know, an increasing threat broadly. And so our ability to, along with others, I assume, continue to act a stalwart defense in our industry is important.”

“that co-piloting, I think, is something that Jed Fin under the leadership of Andy Saperstein is spending a lot of time on where they effectively have corridors or super agents they are going to be working to drive, again, efficiency and effectiveness across the portfolio in wealth.”

“if the ecosystem risk is likely increasing because of the quality and muscularity of the model than we do need to get our gloves up and take it to another level, and that is exactly what you would expect, and we very much intend to do so. But I want to say on the back end, that a lot of the good that AI is going to bring both as an efficiency and effectiveness matter should not get dismissed because that is an important phenomenon that is going to continue to transform this firm.”

“The year began with optimism supported by solid economic growth in the U.S., significant strategic and financial assets waiting to transact and AI-driven transformational opportunities. AI themes followed by geopolitical uncertainty and market dispersions continued to — contributed rather, to strong client engagement throughout our quarter.”

“there will be the continuous arms race of one AI platform versus another, but this is not new, and this is something we consider to be additive to what we have, which is world-class technology, world-class cyber defense and then the best trusted advisers sitting with the client.”

“there are the numerous examples inside of core infrastructure, where efficiency around classic operational flow and surveilling is afoot.”

“we are investing in the development of our agendic infrastructure.”

“the AI connectivity that exists in Korea and Taiwan.”

“alongside accelerating AI development, we are committed to staying in our strategic lane to execute with rigor, humility and partnership and to be prepared to tactically pivot on the ongoing military disruption or technology adaptation warrant.”

“we remain mindful of the known unknowns of 2026, the accelerating adoption of AI at the enterprise level and the ongoing military conflict in the Middle East.”

“advisers really being empowered by AI”