HSBC strategist flags renewed investor appetite for hyperscalers as AI profits materialize

AI investors may pivot to hyperscalers from chipmakers, Morgan Stanley says

Morgan Stanley predicts rotation from semiconductors to hyperscalers (Alphabet, Amazon, Meta) citing lack of clear AI ROI despite billions in capex. Signal for tech leaders: near-term capex discipline ahead; value goes to those with proven AI monetization, not pure infrastructure spending.