AI sell-off and China opportunities (with Yvonne Man, Annabel)

Yields

NDX cautious down , medium term, interviewee explicit

explicit

RUT

Oil

Metals cautious down , short term, interviewee explicit

explicit

USD

BNP Paribas 8.5
Investment Bank $600.00B
Senior Investment Specialist 7.5

AI sell-off and China opportunities (with Yvonne Man, Annabel)

metals

Precious metals is very crowded trade year to date. Some rally supported by fundamentals... but some is purely hype chasing. We would like to stay with companies with visible earnings instead of chasing those hypes.

5 calls

+19

more right than wrong, with meaningful gains

1/30/2026 2:11:38 PM	short term cautious down	7 days later	+6.99%	-3.50%
1/19/2026 12:07:16 PM	short term cautious up	6 days later	+9.93%	+4.96%
12/22/2025 2:27:08 PM	medium term up	20 days later	+7.73%	+7.73%
9/10/2025 2:18:05 AM	medium term sharp up	20 days later	+8.44%	+12.66%

Show all 4 metals results

ndx

We think the market may be go too fast, too far. Sustainability of the US AI rally would be the key risk to watch for this year.

5 calls

+0

no reliable edge (random outcomes)

12/1/2025 1:30:08 PM	short term cautious up	6 days later	+0.28%	+0.14%
11/10/2025 2:01:10 PM	medium term up	20 days later	-0.75%	-0.75%
10/31/2025 1:03:58 PM	short term up	7 days later	-1.39%	-1.39%
10/20/2025 4:18:21 PM	medium term up	20 days later	+1.93%	+1.93%

Show all 4 ndx results

How should we look at this tech sell-off? Is it AI specific or broader derating?

Yvonne Man
Senior Investment Specialist

We highlighted sustainability of US AI rally as key risk. Market went up almost double last year and up by a third in first months this year - may be too fast, too far.

Last week we observed Korean domestic investors diversifying into Chinese equities looking for diversified AI story.
Will China continue as counterweight to other markets?

Annabel
Senior Investment Specialist

China's AI story is different - not just large language models but also self-driving cars, human robots, industrial automation, making it broader than US market.

99.9% of data on planet doesn't speak English, meaning China not only looking at large language models.
How should we look at Korea and Taiwan markets? More pain to come?

Yvonne Man
Senior Investment Specialist

Still optimistic about Korea and Taiwan markets - no alternative in semiconductors for memory and advanced fab. Current sell-off is just common de-risking of year-to-date crowded trade.

Even domestic investors missed that market would be too crowded in first month of year.
Is this an attractive entry point?

Annabel
Senior Investment Specialist

We gradually increased cash level in portfolio and look for opportunity to add to names we like.
What about precious metals?

Yvonne Man
Senior Investment Specialist

Precious metals is very crowded trade year to date. Some rally supported by fundamentals from battery company CapEx, but some is purely hype chasing.

We would like to stay with companies with visible earnings instead of chasing those hypes.

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