Morgan Stanley’s Lisa Shalett says that debt-funded AI projects , like Meta’s $30 billion Louisiana data center, are a signal that the narrative driving the bull market in tech stocks is becoming more complicated. She says the new reliance on private credit, the rising complexity in AI vendor ties, and the uncertain profitability of AI startups, increases the pressure from investors to see actual returns. “What was a very simple story is suddenly getting a lot more complex,” she says.

Meta’s $30 billion debt-financed deal for a gigantic AI data center in Louisiana is an example of how “the landscape has suddenly gotten a lot, lot, lot more complicated” for tech stocks going forward, Morgan Stanley Chief Investment Officer, Wealth Management, Lisa Shalett told Fortune .

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