Morgan Stanley isn’t buying the hype. On Aug. 6, analyst Joseph Moore cut his price target for AMD stock to $168 from $185, maintaining an “equal weight” rating.

Morgan Stanley raised its price targets across a basket of semiconductor names, citing “exceptional” strength in artificial intelligence demand from hyperscalers and consumer internet firms.

Investors likely wanted more upside after a rally in the stock price over the past three months. The stock pointed 5.4% lower at $164.99 in premarket trading Friday. The chip maker reported second-quarter adjusted earnings per share of 48 cents,