Morgan Stanley on Wednesday posted record revenue and profit for the second quarter, driven by a 69% surge in equities trading revenue.

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Here’s what the company reported:

• $3.46 vs. $2.94 LSEG estimate
• $21.35 billion vs. $19.64 billion estimate

Heightened activity fueled by the global artificial intelligence boom propelled JPMorgan and Goldman to beat estimates for equities trading by a combined $4.4 billion, while investment banking at the two firms topped estimates by a combined $1 billion.

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Analysts will want to know what CEO Ted Pick has to say on the outlook for the rest of the year as geopolitical tensions remain high.

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