Nonprofit vs. Morgan Stanley WM Internship

I am a sophomore at a target and I have the option of working this summer as a research intern at a nonprofit that focuses on research and lobbying for Private equity firms or as a MS WM intern.

Research Internship:

-Pro: Will be doing more substantial work. Was told I will have access to a Bloomberg.

-Con: Will focus on researching the industry that I want to work in and will not involve doing research from a banking perspective. Most of the work includes writing memos and reports that show the economic impact of private equity.

Morgan Stanley Wealth Management Internship:

-Pro: Bulge Bracket bank, potential networking opportunity

-Con: Busy work. Only task would be forming and managing a list of important contacts.

Any advice on which I should do? Obviously, the MS internship would be better for my resume and getting me an interview in the future, but the Nonprofit internship will teach me more and will give me more substantial experiences that I can reference in the future. Also, it's pretty well known that MS WM internships tend to have little value. Would hiring managers recognize this when I apply to positions in the future?