Co-President, Morgan Stanley
Search every verified Daniel Simkowitz interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Dan Simkowitz, Co-President of Morgan Stanley, appeared on CNBC from the Milken Institute Global Conference on May 7, 2026. He discussed the financing of the AI transformation, stating that the firm is "doing GPU backed financings" and "Google TPU financings" for companies including xAI, Anthropic, OpenAI, and Gemini. He described Anthropic's revenue run rate as having grown "from 9 billion to 30 billion in the space of 30 days." Simkowitz also addressed the IPO market, noting a "healing and then and really robust IPO market starting to develop" after a slow period, and said "it's cooler to be public than it was a year ago." He characterized the current market environment as driven by "complexity," which he said is "driving the market" and "driving our business to a degree," while also noting that "there are very powerful growth forces still that are sort of countering the fear around geopolitics."
“Compute intelligence equals revenue that creates a very big TAM and in that context we got to finance it. And what's remarkable is it's all getting financed in the US privately in incredibly varied forms. And so we're doing GPU backed financings. We're doing Google TPU financings. At the end of these leases are four gr...”
“I think we are big believers in trying to democratize some elements of the equity market. I think the SEC and elements of the Treasury Department are very focused on creating a more ease of path to being public and so I think now versus maybe even a year ago when we spoke at the conference it's cooler to be public than...”
“We announced McCormick and Unilever, you know, it's 40 or $50 billion around with a lot of complexity but over time complexity in that context but you know there are big deals out there I think there's a regulatory environment that is still conducive, it is conducive, there's a credit market that's conducive, there are...”
“Financial repression is over. So rates are higher, maybe structurally. At the same time, there's bank regulation and bank shareholder pressure on banks. So there is capital moving out of the bank system and insurance companies are outsourcing some of their credit to asset managers.”
“There is a big secular shift in the asset managers. It means we and our issuers have a deeper market to access in the credit market.”
“The distinctions between public and private credit are blurring. Credit is credit. Corporate credit in particular extends into real estate credit. Some of it will trade. We're seeing a shift out of insurance in-house management and the banking system to asset managers, and they all partner with us.”
“Insurance capital has moved from pure buy and hold, relatively plain vanilla portfolios to much more actively managed portfolios. Actively managed could be private or public, bringing better solutions around structure, asset-backed elements, and other innovations.”
“Capital is moving to great credit managers, not just Apollo but also Blackstone, Ares, Pimco, Blackrock. It gives us a lot more partners to work with, more sophisticated clients, and more velocity in how to access these markets. So it's here to stay, no doubt about that.”
“We're the largest wealth manager in the world, which means we're the largest allocator to the asset management industry and also the largest allocator to private markets. This movement and pools means innovation is increasing, including the democratization of private markets and deployment of credit.”
“Our clients like Blackstone, Vanguard, Wellington, KKR, Capital Group, Blackrock, and Pimco are innovating and partnering. We help these asset managers raise capital, do R&D around structure, source assets, finance and structure them. Some of these products will trade and some won't, but the process and underlier are t...”
“The power of innovation, how important it is to the markets and to the broader economy, I think that is on display.”
“90% of the companies are pretty upbeat in their prospects around both the technology market and the demand for their services.”
“We're in the early days and I think we still have a way to go around trade policy being implemented by the administration that's creating volatility.”
“I think if we had a bias, our concern is more on growth than it would be on inflation.”
“The ten year Treasury has gone from 460 down to four one just in the last week or two. The probability of rate cuts has emerged back.”
Co-President Dan Simkowitz joined CNBC live from the Milken Institute Global Conference. He discussed how the AI transformation is being financed, what is driving a stronger IPO back drop into the second half of 2026, and how private markets are continuing to develop. #MIGlobal
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