Wall Street professionals say that as doubts about whether the market's enthusiasm for the construction of AI can continue rise, it is now time to be more selective when choosing stocks related to the expansion of AI.

Rising financing costs are undermining prospects and triggering concerns in the market about the continued heavy spending by AI hyperscalers in the cloud industry. Morgan Stanley expects that the year-on-year growth rate of capital expenditure will slow from 60% in 2027 to 14% in 2028. In 2026, capital expenditure by hyperscalers is expected to increase by nearly 100%.

However, not all AI companies will be equally affected by the slowdown; some companies are better equipped to withstand the impact than others.

To filter these companies, Morgan Stanley analysts have compiled a list of stocks that either have strong pricing power over their products due to supply chain bottlenecks or have the opportunity to expand their market share in their respective industries.

Morgan Stanley equity strategist Nicholas Lentini stated in a report on October 15: "We expect that even if the capital expenditure adjustments of ultra-large cloud providers/new cloud vendors tend to be more modest, these companies will still continue to see upward revisions in revenue and earnings."

The same line also adds that the level of capital expenditure may not even slow down as significantly as investors fear. Morgan Stanley points out that Wall Street has consistently underestimated the scale of these cycles in the past, such as during the internet and cloud computing boom before 2000 and 2020.

This line also emphasizes the importance of bottlenecks and indicates that capital expenditure levels exceeding expectations may boost the profits of companies that benefit from the AI infrastructure.

Lentini writes: 'We expect that as the competition in data center construction continues, bottlenecks will persist, and the willingness to pay will largely depend on the speed of going public. If capital expenditures from ultra-large cloud providers and new cloud vendors accelerate from their current levels, or if existing players adjust their priorities, it could put significant pressure on certain segments of the supply chain.'

The following are 24 stocks that Morgan Stanley believes are most likely to benefit from breaking through bottlenecks as the growth rate of capital expenditure slows down in the coming years.