BREAKING
Morgan Stanley Cautious on Chipmakers
Hyperscalers Build Their Own Chips
0
%
of S&P 500 returns
0
%
of earnings growth
0
%
of capex
0
T
global AI spend by 2028
0
T
Nvidia market cap
0
B
Nvidia stake in OpenAI
Two Views on the Chip Shift
Upside
Bullish
●
Lower AI inference costs
●
Less cloud API dependence
●
Faster edge inference
Risk
Bearish
●
HBM prices up roughly 6x
●
Costs passed downstream
●
Weaker chipmaker margins
Rotation Into Cheaper Hyperscalers
AI NEWS BLITZ
Morgan Stanley is warning investors to grow cautious on semiconductor stocks.