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Morgan Stanley CIO: U.S. Stock Rally Shifts From Chip Sector to Cyclicals on July 6

2026-07-07 02:30:36

According to Morgan Stanley CIO Mike Wilson's podcast comments on July 6, the U.S. stock market's leadership is rotating away from semiconductors toward cyclical sectors including consumer discretionary, transportation, regional banks, and biotech. Wilson noted that while the AI investment cycle continues, semiconductor earnings momentum has peaked and valuations have reached historic highs, limiting upside. He attributed recent semiconductor weakness to investor concerns about whether hyperscaler capital expenditure guidance will be maintained, suggesting the sector's performance is increasingly dependent on cloud companies' AI spending. Wilson maintained his view that the U.S. economy entered a new expansion phase from November last year, driven by improving corporate earnings and leverage effects from cost-cutting initiatives.

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