Editorial companion

What stands out

Morningstar’s Philip Straehl argues the tech trade is cooling and recommends trimming AI-memory names such as Micron and SanDisk while hunting for underappreciated corners of the sector, and he points to Mastercard and Visa as attractive non-tech holdings because of big consumer moats. For investors who loaded up on the AI chip narrative, this is a practical reminder that cycles can flip fast, and rotating into durable payments franchises is one way to keep exposure to secular trends without leaning on the most cyclical winners.