The chief US equity analyst at Morgan Stanley still has influence, huh. He's bearish on the Philadelphia Semiconductor Index and bullish on large cloud vendors, believing that cooling rate hike expectations and falling oil prices will cause funds to flow out of semiconductors. The market had already started trading this way, and his call just made it more obvious. Time to play defense. Those previously unattainable stocks you liked—Micron, AMD, INTC, and others in the Philadelphia Semiconductor Index—might now be available at a discount for you to buy back in.

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