SocGen Strategist Warns Rotation Into Big AI Spenders May Not Hold as Chipmakers Sell Off

Investors are rotating back into the biggest U.S. corporate spenders on artificial intelligence just as they dump high-priced chipmakers, but Société Générale's head of U.S. equity strategy, Manish Kabra, argues the move is unlikely to last. In a note reported on July 17, 2026, Kabra cautioned that it is too early to buy shares of the hyperscalers pouring capital into AI infrastructure, even as those names regain favor at the expense of semiconductor stocks such as Nvidia.