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Morgan Stanley is calling a rotation: AI hyperscalers are positioned for a significant comeback rally as the semiconductor trade runs out of steam.
The chip sector has cooled over the last couple of weeks, and the bank expects that trend to persist. A bumpier road for the broader stock market is likely to follow.
Chips Lose the Momentum The semiconductor trade was one of the defining positions of the artificial intelligence investment cycle, but Morgan Stanley sees it giving ground.
The cooling over the last couple of weeks is not a temporary dip in the bank's read — it is a directional shift that is likely to continue.
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