The narrative of AI "stealing jobs" is cooling down, and tech giant CEOs are collectively turning optimistic.
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Morgan Stanley: AI chip fever is cooling down, cloud giants may see a rotation.
According to BlockBeats, on July 7th, Morgan Stanley strategist Mike Wilson's team stated that the cooling of semiconductor stocks over the past few weeks may not be over and could bring a more volatile trading environment to the broader US stock market. The bank believes that a rotation is underway within the AI sector. Previously, chip stocks significantly outperformed, while hyperscalers, including Microsoft, Amazon, Alphabet, and Meta, lagged behind. Wilson's team stated that this divergence may be unsustainable because the growth of semiconductor companies ultimately depends on the capital expenditures of cloud giants. Morgan Stanley stated that valuation and positioning pressures on cloud giants have already been priced in, and this sector could regain inflows if the market begins to reward more restrained AI spending. The bank is also optimistic about consumer discretionary and biotechnology, stating that falling oil prices and declining interest rate expectations could improve the risk-reward ratio of these sectors.
The world's three largest storage giants have entered a "technical bear market".
Mars Finance reported on July 8th that Micron Technology, Samsung Electronics, and SK Hynix, the three giants of AI storage that once led the market boom in 2026, have all fallen by more than 20% (in nine trading days) from their closing highs on June 25th, officially entering a technical bear market. (Wide Angle Observation)
AI capital spending by the five major tech giants is surging and is projected to reach 3.2% of US GDP in 2027, surpassing defense spending for the first time.
According to forecasts released by The Kobeissi Letter, the investment boom in AI is reshaping the US economy. It is projected that by 2027, the capital expenditures of the five major tech giants—Alphabet (Google's parent company), Amazon, Meta, Microsoft, and Oracle—on AI will climb to approximately 3.2% of US GDP. If this forecast materializes, it will be the first time in US history that annual AI capital expenditures have exceeded national defense spending (estimated at approximately 2.7% of GDP next year). Data shows that this year (2026), these five companies' AI capital expenditures are expected to exceed $800 billion, with the percentage of GDP rising sharply from 1.5% in 2025 to around 2.5%, approaching the estimated 2.7% of defense spending. By 2027, this figure is projected to surge further, reaching a record $1.1 trillion.
U.S. tech giants' data center leasing commitments hit a record high of $850 billion.
According to BlockBeats, on July 5th, US tech companies committed a record $850 billion to data center leasing, an increase of $570 billion (+204%) year-over-year and $200 billion (+31%) quarter-over-quarter. Meta added approximately $79 billion in data center leasing commitments in Q1 2026, a 76% increase quarter-over-quarter, bringing its total commitments to approximately $183 billion; Microsoft added approximately $41 billion, a 26% increase quarter-over-quarter, bringing its total to approximately $197 billion; Oracle leads with approximately $250 billion in total commitments and has secured key data center resources for its partnership with OpenAI. This reflects that demand for AI infrastructure is entering a long-term structural growth phase, and supporting industries such as semiconductors, energy, and liquid cooling are expected to continue to benefit. At the same time, the increased demand for computing power may further exacerbate GPU supply shortages, providing support for the valuation of AI concepts and related tokens. --------------------------------- Click the original link below to join the Beating · Lark AI news channel and monitor global AI hot topics and news 24/7.
"Serenity: Humanoid robots may be reaching a turning point in labor substitution; VCs and tech giants have begun to adjust their strategies."
According to Odaily Odaily, Serenity, the self-proclaimed "White-Haired Stock God," stated that when he first used ChatGPT in 2023, he thought large language models "performed poorly" in programming, but three years later, the technology has undergone a qualitative change. He believes that modern cybersecurity and AI systems, exemplified by Mythos, possess "weapon-like" capabilities and that the industry is currently entering a critical "inflection point," where humanoid robots and automation technologies are approaching the tipping point of large-scale replacement of human labor. Serenity stated that although there are frequent doubts about the current ability of humanoid robots to perform complex tasks such as pipe repair and electrical wiring, the direction of technological evolution is very clear, and breakthroughs will continue in the coming years. Market participants, including venture capitalists and large technology companies, have begun to adjust their strategies, with some companies planning to replace a large number of human workers with robots to reduce operating costs. Serenity also mentioned previous rumors about Amazon reducing hiring by hundreds of thousands of jobs through robots. Serenity believes that highly regulated industries such as healthcare, highly skilled jobs, and service sectors reliant on human emotional connections may still possess some resistance to substitution, but the overall trend still points to a "restructuring of the labor force." As competition between China and the US intensifies in cutting-edge technology fields, humanoid robots and automation may enter a national-level technology competition phase, and Serenity believes that China has already taken a leading position in some areas.
Goldman Sachs Outlook for the Second Half of the Year: Tech Giants Continue to Fall Out of Favor; Semiconductors Remain the "King"
According to Mars Finance, as we enter the second half of 2026, Goldman Sachs derivatives expert Brian Garret stated on Thursday that investors are underweighting US tech stocks, especially the "Mag7" tech giants. The bank believes investors are ignoring blue-chip stocks and favoring beneficiaries of artificial intelligence (AI), such as the semiconductor industry. "Goldman Sachs now believes that unless hyperscale data centers demonstrate stronger earnings growth, investors may take a more cautious approach to large-cap tech companies." The bank also pointed to options market pricing as evidence of growing concerns, noting that the downside hedging cost of the Invesco QQQ ETF (tracking the Nasdaq) is already significantly higher than that of comparable small-cap stocks. "Underweighting large-cap stocks seems to be a common strategy among investors right now," Garret added. "This cautious attitude stems from the overall underperformance of the 'Mag7' in recent months." (Cailian Press)