摩根士丹利：互联网行业 - 当下何去何从：权衡前景与估值

We lower ests across the board, detail macro/tariff impacts to ecom/digital ads and showcase a "visibility to FCF vs valuation to bear case" framework analyzing valuation support and where we expect durable out-performance first. META/GOOG/UBER screen best followed by CHWY/DASH/U/AMZN/BKNG/RDDT. First, 3 Macro Factors We Are Most Focused On: The MS macro team continues to expect muted GDP growth (0.6%/0.5% '25/'26 real GDP growth), firming inflation and a steady Fed in '25. As tariff headlines and realities ...