1346 GMT - Artificial intelligence is likely to be top of mind for investors in advertising-agency groups once again this year, with zero-click search and AI emerging as a key debate, Morgan Stanley's Laura Metayer and Constantin Kollmann say in a research note. Zero-click, AI-driven internet search is reducing open-web traffic and the relevance of display ads, the analysts say. Still, data points to a healthy ad market this year, with U.S. ad spending expected to grow 10.5% in 2026, according to Morgan Stanley. "AI is more likely to reshape rather than eliminate ad agency roles, with success driven by data, scale, and deep integration across creative, media and tech," the analysts say. "Publicis is best positioned, while Havas, WPP, and S4 face a wider range of outcomes." The Stoxx Europe 600 Media index rises 0.2%. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 08:48 ET (13:48 GMT)

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