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Glonghui, February 4th — Morgan Stanley stated in its latest report that mega-cap companies are shifting from relatively asset-light business models to infrastructure-dependent operating models, as they expand data center capacity to meet the growing demand for AI. Katy Huberty, Head of Global Research at the bank, noted that this shift has significant accounting implications. According to the report, Morgan Stanley has adopted a revised depreciation model that can adjust for deviations caused by rising balances of construction in progress. Based on this, it is estimated that Microsoft, Oracle, Meta, and Google may collectively incur more than $680 billions in depreciation expenses over the next four years. Morgan Stanley pointed out that traditional forecasting methods may underestimate the extent of future asset depreciation, as these methods fail to fully account for the time lag between capital expenditures and assets being put into use.

Gelonghui, February 4th - Jacob Aarup-Andersen, CEO of Carlsberg Group, stated that after achieving double-digit revenue growth in the Indian market, the company is considering a public listing of its Indian business. Jacob expects the "positive momentum" in the Indian market to continue. According to Carlsberg Group's financial report, the IPO of its Indian business has not yet been finalized, and the company is exploring various options to enhance shareholder value.

Glonghui, February 4th丨The US-India trade agreement has dispelled the long-standing clouds hanging over the Indian rupee and may be enough to temporarily pause the ongoing sell-off by foreign investors in the Indian stock market. However, institutional analysis points out that investors say, for sustained capital inflows to return, Indian corporate earnings growth must recover and fundamentals need to see substantial improvement. The US-India trade agreement drove a surge in the Indian stock market on Tuesday and led the rupee to its largest single-day gain in seven years. However, the trade agreement is just one of many factors affecting India's exchange rate and stock market. Although the Indian stock market is currently near historic highs, it remains highly sensitive to the industrial impact brought by AI due to the lack of truly leading AI companies. Michael Bourke, Global Head of Emerging Market Equities at M&G Investments, said: "I don't think tariffs will have an immediate substantive impact, but they will undoubtedly affect market sentiment—which is the best way to understand it. With tariffs lowered, will corporate earnings immediately see a significant increase? I am not yet convinced by this logic."