11AM Hour: Morgan Stanley CEO, Merck CEO & Former NEC Director Gary Cohn 10/14/26

Rising rates and questions about AI capex returns are reshaping how markets price banks, tech, and growth into year-end.

• Hot CPI clouds Fed path: Gary Cohn says September's 3.7% CPI makes a December cut more likely than October, with no November FOMC meeting to add data.
• AI revenue debate: Cohn flags falling IRR on AI capex, a shift toward cheaper open-weight models versus foundation models, and margin pressure he calls part of a broader 'margin mirage.'

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