Melius Research: “Buy the chip dip, skip hyperscalers” until AI payoff becomes clear

Ben Reitzes of Melius Research told CNBC investors to lean into chip-stock weakness and avoid the cloud giants funding the buildout. The call reflects a relative-value view within tech, favoring semiconductors over hyperscale cloud names tied to AI infrastructure spending. The piece is commentary rather than a company-specific catalyst, so the likely market impact is limited.

Analysis

Ben Reitzes of Melius Research told CNBC investors to lean into chip-stock weakness and avoid the cloud giants funding the buildout. The call reflects a relative-value view within tech, favoring semiconductors over hyperscale cloud names tied to AI infrastructure spending. The piece is commentary rather than a company-specific catalyst, so the likely market impact is limited.