Morgan Stanley: The bull market logic driven by AI capital expenditure remains solid.

Title context: Text: Turmoil in Nvidia Corp.'s leadership and a Democratic victory in the midterm elections have intensified market worries about the artificial-intelligence boom, but Morgan Stanley Wealth Management's Lisa Shalett says those factors won't derail the bull market's main driver: AI infrastructure capex. Election results shouldn't be read as voters rejecting AI investment or data-center construction, she says. Instead, voters want stronger regulation of AI safety and a fairer distribution of the costs and benefits of data-center development. Investors are overly focused on political dynamics and tech-stock volatility and are overlooking the market's longer-term story, Shalett, who is chief investment officer at Morgan Stanley Wealth Management, said in an interview.