Morgan Stanley says Street estimates conservative on AI margin impact: "Consensus expects AI Adopters to deliver 4.6% of EBIT margin expansion in 2025-26, modestly ahead of the S&P 500 and nearly twice the MSCI ACWI. Yet that advantage fades quickly in out year estimates, with expected margin expansion for Adopters converging toward the broader market in 2026-27 and 2027-28. Put differently, while estimates are beginning to reflect near-term margin benefits among companies with the most material AI adoption, analysts are not yet underwriting a sustained or compounding productivity benefit. This is especially notable given the meaningful margin inflection expected this year; consensus appears to recognize the initial benefit, but not its persistence."