The market seems to be taking a very risk-off position to these newly developed tariffs. The response to the market including the stock markets down, the US dollar style, the precious metal of gold silver price push up to all-time high. It's a very strong message just saying that the market is not yet okay. Instead, the anxiety and the uncertainty that's actually building up and that will potentially become the background for all the markets operate into 2026.

Not even saying that apply the ACI, even they talk about ACI and the threat of ACI is already a quite a big step. It seems we open the door that we could sort of a tool in the toolbox they could potentially apply, including the restriction to the investments in restriction of the market entry. They will have quite profound impact not just for the US market, but also for the EU market and even broader for the global market.

The market now looking at tariffs has passed on the inflation implication, but rather on the trade risk, rather on a more structure and systemic risk. So that's the reason that underpin the weakness of the US dollar. So if that continues to be the case, the tensions continue to drive the market, I would expect the further lower down for the US dollar.

If you purely put in the US market will actually underperform quite significantly if you're putting on the Asia market. Whether or not I expect this trend to continue, I think it's very likely because capital is always looking for the smart way. So I would expect this sort of diversification either from a risk point of view, region point of view, from sector point of view will continue to spin up.

Defense and defensive both are the top beneficiary for this year given this unsettle and the anxiety here. For the tech sector, I still firmly believe in the potential for the AI technology even that there's a doubt about the AI bubble. But what I'm seeing is that fundamentally AI is changing the world, changing the way we live, the way we work. So any applications or any infrastructure beneath that I would expect that demand will only going up.