[Morgan Stanley Analyzes Valuation Discounts for Internet Stocks, AI Uncertainty Impacts Travel and Advertising Sectors] Morgan Stanley's research report dated September 16, 2026, noted that internet stocks rose 1% last week, while the S&P 500 and Nasdaq both fell 1%. META rose 5%, while Google and Amazon remained flat. The expected price-to-earnings ratios for Amazon, Google, and META in 2026 are discounted by 34%, 35%, and 9%, respectively, compared to their 12-month averages. The travel sector dropped 8.1%, while digital advertising rose 1.4%. Morgan Stanley believes AI uncertainty has resurfaced, with travel platforms facing the highest risk of being replaced by AI agents, while digital advertising faces the lowest AI risk. META's AI-powered recommendation and ad targeting capabilities have improved. Morgan Stanley recommends focusing on leading digital advertising companies and maintaining caution toward travel platforms.