Volatility remains high due to four themes: geopolitics (Trump's focus), changing AI narrative (bubble fears), fading US exceptionalism, and Fed uncertainty with Kevin Warsh.

Macro-policy wise, AI is not a bubble; US AI capex to GDP is still below 1%, vs 2-5% for past revolutionary tech. But the capital market conduit—the narrow, expensive seven stocks—shows signs of froth.

Asia benefits from dollar weakness and diversification away from USD assets. It's at a crossroads of three thematics: AI (key role in global ecosystem), corporate reform (Korea, Japan, Singapore, China), and improving cyclical fundamentals (Japan reflation).