According to Morgan Stanley's November 9 report, semiconductor stocks tracked by the firm have declined a median of 53% from their 52-week highs, with an average decline of approximately 48%, pressured by concerns over data center approval delays in certain U.S. states following midterm elections. Despite the selloff, Morgan Stanley maintains a constructive outlook on North American semiconductors, ranking AI compute as the top semiconductor sector. The firm sees Nvidia (NVDA) as its top individual stock pick, though it projects Micron (MU) and Western Digital (SNDK) could deliver larger rebounds if the sector bounces.

Morgan Stanley estimates approximately 5 GW of U.S. data center capacity originally planned for 2028 deployment will shift to 2029, representing roughly 20% of the year's anticipated new capacity. The firm expects 2028 U.S. data center additions to decline about 4% year-over-year, while 2029 could see growth of around 38%.

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