One word that changed overnight is liquidity. Alphabet launched this deal, and Korean inflation came in hot, so the market has to absorb this liquidity from Alphabet and also price a higher cost of liquidity from Korea. You're seeing a move lower in Korea in the more speculative names. In Taiwan, the picture is much cleaner. Enterprise is up 30% after very strong AI guidance around servers and computers. Taiwan has all those names that make AI servers. TSMC will take comfort from another expansion in the NVIDIA production line. Korean bonds are among the worst in the world, and this inflation print will not help. The Bank of Korea will be on deck July and August, and when they deal with this problem, the rotation within the Korean market can get quite extreme.

The answer to both questions is retail. The TSM premium historically is related to the fact that US investors had to set up an ID in Taiwan. Now so many people trade Taiwan that almost every US institutional investor has a Taiwan ID, so that spread is compressing. At the same time, Taiwanese retail is so bullish they are pushing the Taiwan line up towards the US line. In terms of who is buying the rally, retail. The widening out of the rally is driven purely by retail. Retail was early on all these names in Taiwan, way before foreigners, and now you're seeing the street catch up to where retail was.