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Free cash flow (FCF) is central to evaluating large technology companies, especially the hyperscalers, where surging investments have squeezed FCF. We define FCF, show where each company stands on results and forecasts, and ask if heavy investment has shifted them in the life cycle. Returns on the marginal dollar invested have varied widely. We link FCF to ROIC: negative FCF is fine provided ROIC exceeds the cost of capital. We end with how consensus estimates for key value drivers have changed.

Morgan Stanley Investment Management (MSIM) today announced an effort to convert eight municipal bond mutual funds into seven newly created exchange-traded funds (ETFs) and one existing ETF, representing nearly $10 billion in assets under management as of August 31, 2026.

In this quarter's webinar, our investment leaders provided an update on the signals observed in the latest private markets data, a summary of the latest private markets asset class views, and a deep dive into private markets secondaries, including sources of growth, evolving structures, and techniques for navigating competition.