Morgan Stanley Says Chip Sales Weakened in November. What Does That Mean for Nvidia Stock?

Semiconductor stocks have been among the most closely watched groups as the market has entered 2026, and a note from Morgan Stanley briefly raised concerns. Citing data from the Semiconductor Industry Association (SIA), Morgan Stanley said that while the growth in worldwide chip sales in November came in weaker than expected on a month-over-month basis, overall trends are improving.

Reportedly, sales in November grew 7.1% month-over-month, below Morgan Stanley’s forecast of 10.4% growth. However, growth was still considerably stronger than the 10-year average of 2.5%. More significantly, growth over the past three months also came close to 30% year-over-year (YOY), while growth over one month was close to the same rate, indicating that an overall recovery is on track.