HSBC cut Pfizer (PFE.N) PT to $28 from $32.

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Morgan Stanley strategists led by Michael Wilson say U.S. equity flows are rotating out of chip stocks into previously lagging hyperscalers — including Microsoft, Amazon and Meta — driven by their strong core businesses and role in AI data‑center demand. The team warns momentum is fading among some large-cap names, leaving major U.S. indices under short-term pressure while sector rotation continues in a generally weak market. Wilson adds recent underperformance could begin to soften expectations for hyperscalers’ spending plans. Morgan Stanley sets an S&P 500 year‑end target of 8,000, implying roughly 7% upside from current levels.