OpenAI filed confidentially for an IPO, joining Anthropic and SpaceX in tapping public markets. The timing is uncertain, but investor appetite for AI remains strong despite recent market volatility.

We are in a once-in-a-lifetime AI CapEx cycle driving global growth. Recent volatility was a healthy reset, not a major correction. Financials are also attractive due to higher rates and deregulation. China may find new export channels in green energy know-how.

Apple delivered a real personal assistant with Siri AI, differentiated by personal context access and privacy. While not revolutionary, it will significantly impact the user experience for Apple's massive installed base and likely drive an upgrade cycle.

Friday's sell-off was a risk management event ahead of US CPI, not the start of a major correction. Asian policymakers were proactive. The recovery is focused on fundamentals, not speculation. In China, government-supported AI data center plays are doing well while speculative names struggle.

The dollar should strengthen if front-end US rates rise, but DXY remains rangebound. Asian currencies like KRW and JPY are weakening due to structural outflows beyond policymakers' control. RMB is expected to move to 6.70 over time but faces near-term headwinds. Euro is more likely to weaken than strengthen despite ECB hikes.