Investors rotate from chip stocks to cybersecurity amid AI capex concerns

On Monday, investors sold AT&S, Intel, and Micron while buying Crowdstrike and Palo Alto, signaling a rotation away from semiconductor names toward cybersecurity. The shift likely reflects concerns over AI-driven capex sustainability and a preference for software with recurring revenue. The durability of this rotation is uncertain, as it may be a short-term positioning move rather than a structural change.