Morgan Stanley’s Lisa Shalett has urged investors to remain cautious on semiconductor stocks, arguing that signs are emerging that chipmakers’ pricing power is weakening despite the AI-driven rally. “We are seeing the AI data center tech stack, if you will, being re-engineered to include lower cost proprietary chips that many of the hyperscalers are now designing themselves,” Shalett, chief investment officer at Morgan Stanley Wealth Management, said, according to a Bloomberg report.