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In the fifth installment of the AlphaSense and Morgan Stanley Quarterly AI Update, we tackle three pivotal developments shaping the AI ecosystem today: rising concerns about a potential AI bubble, the reshuffling of power across key industry alliances, and the impact of Google’s Gemini 3 release on the frontier model race.
We begin with assessing the risk of an AI bubble. With infrastructure investment projected in the trillions but revenue lagging expectations, investors are asking if today’s momentum mirrors past tech bubbles. We examine the signals that matter and how long the “build it and they will come” phase can truly last.
Next, we turn to shifting partnerships at the top of the AI stack. We explore how the Microsoft–OpenAI relationship has evolved in recent months, and what the emergence of the Microsoft–Nvidia–Anthropic alignment suggests about changing power dynamics across the ecosystem.
Finally, we analyze the release of Gemini 3. We evaluate its performance against models like GPT-5, discussing whether this release has redefined Google’s position in the frontier model race or simply closed the gap, and what this means for the future of model capabilities.
Watch Keith Weiss, Head of US Software Research at Morgan Stanley, and Sarah Hoffman, Director of AI Thought Leadership at AlphaSense, as they break down these critical developments and examine what they mean for the future of AI.