Chip Selloff Recovery & Rotation to Quality/Banks

Global chip stocks recovering after worst month since 2008. Memory chipmakers (Sandisk, WD) dropped after earnings despite beats. Rotation broadening to quality stocks and banks: Morgan Stanley highlights sector ETFs (XHE, XLF, KIE, XLP, XLI) with strong earnings; bank stocks hit new highs. China redefines 'advanced' chips to claim global lead, pressuring legacy chip pricing. Weak jobs data eases rate fears, supporting equities. Cloudflare earnings beat adds to AI/cloud strength.