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Sharpest sector rotation inside tech in weeks: MU +15% on blowout memory earnings, MSFT hits 52-week low (-20% month). The AI trade is rotating from platform/capex spenders toward the semiconductor enablers on the same catalyst — buildout reality hitting the former while the latter deliver. MSFT ~54 at ~24x fwd with 5B+ op income is not dead money, but Stifel's PT cut today says the floor hasn't been found. Watching for stabilization.

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