A Wall Street investment bank analysis suggests the global stock market's extreme concentration in artificial intelligence semiconductors is past its peak, with the center of gravity shifting toward Big Tech hyperscalers. Morgan Stanley stated in a client note distributed on the 6th, "The recent underperformance of semiconductor stocks suggests the market is closely watching whether expected earnings growth has reached an inflection point," analyzing that "the memory sector's earnings growth rate has hit a peak." The core argument is that the extreme concentration in memory witnessed so far is unlikely to persist. This forecast emerged as global AI and semiconductor stocks plunged entering July. On the 1st, when Meta Platforms announced it would lease idle computing resources from its AI infrastructure to external parties, the Philadelphia Semiconductor Index (SOX) plummeted more than 6% in a single day. Micron Technology and Western Digital each tumbled over 10%, while CoreWeave and Nebius crashed 13% to 17%. Samsung Electronics' stock plunged roughly 36%, falling from ₩374,500 to ₩240,000, while SK Hynix crashed as much as 43.8% from ₩2.99 million. Semiconductor analysts advise viewing this correction as a buying opportunity, with one explaining, "The market has overreacted to the news of Meta leasing external AI computing resources." Domestic and international experts largely agree the correction is a technical adjustment driven by excessive trading concentration.