RBC’s Mui Calls AI Selloff Profit-Taking, Not a Broken Story

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Janet Mui, Head of Market Analysis at RBC Brewin Dolphin, said the recent pullback in AI and semiconductor stocks is classic profit-taking rather than a sign of a broken sector. She noted that the VanEck Semiconductor ETF and iShares Semiconductor ETF dropped 6.81% and 7.71% in a single session but still hold year-to-date gains of 85.74% and 117.73%, while the broader Invesco QQQ Trust is up 20.13%, indicating a concentrated unwind. Mui pointed to hardware supply bottlenecks persisting through at least 2028 and cited Morgan Stanley’s raised 2026 server market estimate of $809 billion as evidence of a multi-year spending cycle. She argued that chipmaker and memory-player fundamentals remain unchanged and that the selloff reflects an unwind of overheated retail positioning, particularly in South Korea.

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