US Stocks Move | Bilibili Up Nearly 5% Pre-market, Advertising Revenue Grows Over 20% for 11 Consecutive Quarters

The share of open-source weighted models has risen from 22% to 72% in one year. Morgan Stanley states that software dividends are not universally distributed, and value will flow to companies with the deepest moats and mastery of complex workflows.

Morgan Stanley stated that the myth of gold being a hedge against the stock market has ended. Since 2020, gold has not only failed to protect during extreme stock sell-offs but has actually amplified losses. However, its buffering value has become increasingly evident during sharp sell-offs in US Treasury bonds, transforming from a tool for interest rate trades into a core weapon against fiscal and sovereign credit risks. Record central bank gold purchases and the highest single-quarter ETF net inflows in history are reshaping the structural demand and logic behind gold prices, with Morgan Stanley setting a price target of $5,000/ounce by 2027.