Morgan Stanley co-president Dan Simkowitz said that efforts by OpenAI and Anthropic to slow the rollout of frontier AI models are unlikely to reduce demand for computing resources or the funding for hardware. He also said that financing for AI infrastructure remains ongoing and that the firm is expanding its AI initiatives across research, cybersecurity, and client service.

Simkowitz declined to comment on any individual deals and could not say when Anthropic might go public. He also highlighted concerns about macro factors, including fiscal policy, oil prices around $100 per barrel, and the roughly $40 trillion in federal debt as his main worries.