Stock rally isn't a new bull market, Morgan Stanley's Mike Wilson says

that includes Microsoft, Meta, and Nvidia, which have capitalized on the surge in interest in ChatGPT and artificial intelligence.

"While we believe that AI is for real and will likely lead to some substantial efficiencies that help to fight inflation, it's unlikely to prevent the earnings recession we forecast for this year," he said.

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Morgan Stanley warns stock rally is not the start of a bull marketMorgan Stanley strategist Michael Wilson warned in a Monday note that strong stock gains this year are not indicative of the beginning of a bear market.
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Hedge funds piled into these stocks in the first quarterThe hedge fund community bought a slew of stocks with conviction during first quarter's market turmoil, according to Morgan Stanley.
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