Wall Street Today | Morgan Stanley Says US Stocks Aren't Pricing Weak Data

His take elaborated on points he made in a note to clients on Monday: Namely, that investors are failing to price in a backdrop of weakening economic data and earnings for 2023. Recent optimism around a less hawkish Fed, China reopening and a weaker dollar is already priced into share prices, he wrote.
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US semiconductor stocks extended gains as Barclays Capital Inc. analysts upgraded ratings on $Advanced Micro Devices(AMD.US)$, $Qualcomm(QCOM.US)$ and $Seagate Technology(STX.US)$, saying they don't expect the sector to revisit multi-year lows reached three months ago.
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$Alphabet-A(GOOGL.US)$ and $Microsoft(MSFT.US)$ this past week joined other tech companies, big and small, in cutting jobs and shelving some products and projects as the industry grapples with economic turbulence.
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$Microsoft(MSFT.US)$ said Monday it is making a multiyear, multibillion-dollar investment in OpenAI, substantially bolstering its relationship with the startup behind the viral ChatGPT chatbot as the software giant looks to expand the use of artificial intelligence in its products.
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On Monday, The Wall Street Journal reported that the activist investor Elliot Management has taken a "multibillion-dollar" stake in $Salesforce(CRM.US)$. Meanwhile, CNBC is reporting that Inclusive Capital, a fund run by the longtime tech investor Jeff Ubben, has also taken a position in Salesforce.
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$Spotify Technology(SPOT.US)$ is laying off about 600 employees, or roughly 6%, of its workforce as part of broader cost-cutting measures after the streaming company went on a spending spree during the pandemic.

$Apple(AAPL.US)$ is targeting manufacturing 25% of all of its iPhones in India, Piyush Goyal, the country’s commerce and industry minister said, up from between 5%-7% currently.

Elon Musk said he had funding to take $Tesla(TSLA.US)$ private when he floated the idea in 2018, saying that financing from Saudi Arabia's sovereign-wealth fund and his own stake in rocket-company SpaceX would have provided sufficient capital.