[Morgan Stanley CEO is “double overweight” on AI construction and expects industry annual spending to remain at $1 trillion] On October 14th, Morgan Stanley CEO Ted Pick said that the bank has been “double overweight” on artificial intelligence (AI) infrastructure construction, but he also warned that the growth momentum of AI spending will begin to slow down. Pick said on a conference call with analysts on Wednesday: "We have been overweight AI from the early days. Considering that AI is not only important to our customers, but also important to ourselves, I would say we are twice overweight now." Pick said that the current spending on AI infrastructure construction averages about $1 trillion per year, "which is a very large amount of money." He doesn't think spending will necessarily continue to accelerate from this level, but it's entirely possible that it will remain at this level for another decade. AI spending by hyperscale cloud service providers such as Microsoft, Amazon, Meta and Oracle has been driving the U.S. economy and stock market. But it also raises concerns that AI demand may ultimately not be enough to justify such huge expenditures, leaving these companies saddled with large amounts of debt and excess capacity.