OpenAI Era Pushes Old-School Stock Analysts Into Private Markets

The growing clout of private companies like OpenAI is causing Wall Street to redraw the boundaries of its equity research business.

Morgan Stanley last week launched a dedicated product to cover closely held firms, joining rivals including JPMorgan Chase & Co. and Citigroup Inc. in expanding coverage of private assets. The banks are aiming to capture the potential impact of unlisted competitors of the stocks they follow, as well as to sate a relentless investor appetite for insights into their performance.

“The demand from clients is huge,” said Anne Malone, head of US equity research at Citigroup, which hired ...