Morgan Stanley has emerged as the dominant force in structuring financing for Wall Street's AI boom, designing innovative debt and equity financing models to channel tens of billions of dollars into large-scale data center construction. Since last year, the bank has led the largest and most innovative AI infrastructure financing deals, including a $3.2 billion bond issuance for TeraWulf, a $27 billion debt financing for Meta's Hyperion data center project, and advisory services for Broadcom's $35 billion chip financing transaction. Morgan Stanley's equity and debt capital market underwriting fees reached $2.3 billion in the first half of the year, surpassing rival Goldman Sachs. The bank projects that AI capital expenditures will drive tech giants to increase their debt by $1 trillion by 2028, with global data center construction requiring approximately $2.9 trillion in investment.