Bloomberg Talks Morgan Stanley CEO Ted Pick Talks M&A
Jan 21, 2026
Ted Pick, the CEO and Chairman of Morgan Stanley, dives into the current dealmaking landscape from the World Economic Forum in Davos. He discusses a resurgence in M&A activity and how AI is spurring larger deals. Ted explains the importance of nurturing long-term banking relationships for upcoming tech IPOs like SpaceX. He also shares insights on the balance between strong corporate fundamentals and geopolitical risks, all while addressing the evolving economic dynamics shaping the future market.
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Bigger Firms Drive AI-Fueled M&A
- Deal activity is finally re-accelerating as companies reorient supply chains and strategy after COVID and rate shocks.
- Larger firms can better absorb AI-driven investment to embed productivity gains, so M&A and big cap deals will rise.
Be Patient With Mega IPOs
- Be patient on mega IPOs like OpenAI or SpaceX; they don't need to rush to market and may come in 2026 or later.
- Use the anticipation and derivative plays in the AI ecosystem as investment opportunities even before IPOs occur.
Renationalization Coexists With U.S. Strength
- Geopolitical renationalization is returning and will create pockets of country risk and illiquidity.
- Still, U.S. corporate and consumer health plus large capital markets support a U.S.-led growth case for 2026.