Morgan Stanley's CIO: Chip Stocks Following Rare Earths and Gold As Next "Commodity Boom." Here's Why That Should Worry You.

Morgan Stanley’s CIO and U.S. equity strategist Michael Wilson warned on CNBC that chip stocks may be entering the next “commodity rotation” leg driven by Fed liquidity, but the cycle looks closer to a peak than to a launch. Wilson cited an analog linking semiconductor-index moves to silver stocks from roughly four months earlier, after noting that silver has already sharply rolled over. The iShares Silver Trust (SLV) is down 35.42% from March 2, 2026 through June 29, including a 22.9% drop in the past month. He also pointed to money supply growth with M2 at $23.05 trillion as of May 1, 2026 and to WTI falling from $114.58 on April 7, 2026 to $78.94 by June 22.