JPMorgan Sees AI Chip Dip as Buy; Morgan Stanley Says Trade Is Rotating

JPMorgan told clients the recent pullback in AI-linked semiconductor stocks is a buying opportunity, citing strong demand, tight supply and no meaningful new chip capacity until 2028. According to BeInCrypto, the bank prefers chipmakers over hyperscalers and expects global stocks to reach new highs in the second half of 2026. Morgan Stanley CIO Michael Wilson said momentum in chip stocks is fading after leading the rally, with earnings estimates at historic extremes, and pointed to slipping hyperscaler shares despite capex forecasts of $805 billion in 2026 and $1.116 trillion in 2027. Investors are watching Nvidia for signals on AI chip demand.