Morgan Stanley sends a clear signal: "Sell chips, buy cloud." "Storage" is topping out like "silver."

```htmlJinse Finance reported that on July 7, Michael Wilson, Chief US Equity Strategist at Morgan Stanley, sent a clear signal to clients in the latest weekly report: reduce holdings in semiconductors and shift towards hyperscale cloud computing providers. This is not a bearish view on AI, but rather a rotation—there have already been three similar adjustments in the AI investment cycle, and Wilson believes this is the fourth. After a historic surge since the end of March, chip stocks have recently cooled significantly. The high-beta momentum stock portfolio (which includes storage and chip stocks) has recently recorded the largest two-day drop since the COVID-19 pandemic. Wilson believes this pullback "may have further room to go." In the report, Wilson draws a specific analogy: the movement of semiconductors is very similar to silver. There are two reasons: first, both have experienced parabolic price increases; second, both are highly linked to the commodities market, where prices have historically seen dramatic fluctuations. He further pointed out that this round of correction will be led by the storage sub-sector—because storage is the category in the semiconductor complex "most like a commodity," with high price elasticity and quick reversals.```