The main AI usage metric, tokens, looks explosive on paper but may be significantly inflated; only Anthropic is seen as being realistic about demand.

A new Morgan Stanley research report argues that 2026 is shaping up to be a pivotal inflection point for artificial intelligence, with frontier model capabilities accelerating rapidly enough to disrupt labor markets, enterprise software, and capital allocation strategies across industries.

ChatGPT ads, Anthropic's Cowork tool, and Gemini's Personal Intelligence signal major shifts in AI competition and user experience.