Semiconductors ️ Silver SOX Comparing semiconductors to silver might surprise a lot of people, but honestly, their price trends are strikingly similar. Semiconductor storage stocks like SanDisk, Micron, SK Hynix, Samsung, etc., are showing a textbook channel-down pattern during this wave of correction. After last night’s U.S. market close, this downward structure is still ongoing—it’s going to take some time to reverse. Morgan Stanley’s perspective here is pretty interesting. Their strategy team just released a new report, summarized in one sentence: The sell-off that started in June is basically over, and the S&P 500 year-end target is 8000. The AI rally isn’t over—it’s just entering its second phase: The market is now “picking companies.” Previously, the market favored: high growth, high volatility, high Beta. Now, it’s all about: stable earnings, high profit margins, strong cash flow, high ROE. The focus has fundamentally shifted. As for semiconductors, Morgan Stanley believes: there’s still room for short-term gains, but it’s unlikely they’ll lead the rally anymore. They’re comparing the semiconductor trend to the silver mining stocks’ trend from four months ago—and so far, the patterns are pretty aligned.