HSBC's Sels Rotates Away from Semiconductors into Applications and Cloud
THE SO WHAT
A major private bank CIO rotating from semis into cloud and applications is a signal that public markets see more near-term upside in AI software than in already-repriced hardware. If you’re an app or cloud vendor, this is a window to raise and lean into growth—if you’re hardware-heavy, expect tougher capital and valuation conversations.
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