According to Morgan Stanley, the current stock market rally is just the beginning of a potential bubble fueled by the rise of artificial intelligence (AI) and other disruptive technologies. The investment bank believes that AI and technological advancements could drive stock market gains until 2025. Key points: 1) Morgan Stanley sees the potential for a multi-year bubble driven by AI and tech, similar to the dot-com era. 2) The bank’s analysts argue that AI’s impact on productivity and economic growth could justify higher equity valuations. 3) However, they caution that bubbles are inherently unpredictable and can end abruptly. 4) Morgan Stanley recommends investors position themselves for continued market gains by favoring sectors like tech, consumer discretionary, and communication services.