According to CNBC, GlobalData's Cyrus Mewawalla said cloud-heavy hyperscalers are being rewarded for converting AI investment into revenue, while Deutsche Bank analysts said software may help hedge rising volatility in semiconductor stocks. Mewawalla said investors have become increasingly wary of the tech sector because AI revenues have not yet grown strongly enough, and he pointed to a circular network of investments linking hyperscalers, AI companies and data-center operators. He said the big four hyperscalers — Meta, Amazon, Google and Microsoft — have invested about $1.1 trillion since the start of 2023, and are expected to invest about $750 billion this year. He also said Nvidia and memory-chip makers Samsung, SK Hynix and Micron remain essential to the AI buildout. Deutsche Bank said semiconductors have been the biggest driver of index performance and volatility this year, and that a pure semiconductor portfolio outperformed a 50-50 software and semiconductor mix this year but delivered a weaker return after accounting for volatility. The bank said it has ended its outright overweight on software after a recent rally but still prefers the sector as a portfolio diversifier.