Goldman Sachs, JPMorgan and Morgan Stanley are dominating the AI stock boom. Here's their edge

Fueled by the global boom in artificial intelligence stocks, relaxed capital rules and greater lending to hedge funds, big Wall Street banks have already had a banner year for equities trading — even with one quarter left to go. The five biggest investment banks have generated about $67 billion in equities revenue through Sept. 30, according to company filings. That is $7 billion more than what the group made during all of 2025, which itself was a record haul. But it's Wall Street's Big Three that have captured the largest slice of what is shaping up to be the industry's most lucrative arena: Goldman Sachs , JPMorgan Chase and Morgan Stanley have made a combined $52 billion in stock trading revenue so far this year, nearly 80% of the total.