Nanavati on Asia Deal-Making and AI Capex (with Haslinda Amin)

3/10/2026 3:24:05 PM	short term up	5 days later	+7.16%	+7.16%

Asks about the mood in the deal market, noting the robust IPO space and questioning if it is sustainable given a different rate environment where central banks are raising rates.

Haslinda Amin

Jwalant Nanavati

States this is the strongest deal-making market in 3-4 years across Asia, including China, Hong Kong IPOs, India, and cross-border M&A, driven by AI and digital infrastructure.

Notes the momentum is less interest-rate driven and more cyclical, as AI is a general-purpose technology like fire or electricity, leading to genuine earnings uplift.

Asks what the risks are to this robust deal-making environment if not higher rates.

Haslinda Amin

Jwalant Nanavati

Identifies two key risks: a prolonged energy crisis (another 3+ months) and tariff disturbances. If the economic returns from AI investments are not visible, people will start questioning ROI.

So far, the outlook is that returns are visible and real, backed by large global corporations.

Asks about India specifically, questioning if the massive amount of deals can be absorbed by the market.

Haslinda Amin

Jwalant Nanavati

Describes a divergence: international investors have shied away from Indian public markets due to FX depreciation, but domestic investors are holding the market up. Private equity and credit investors are consistently investing.

Sees a structurally bullish market for India in the medium to long term, but a potentially bumpy ride in the short term (6-24 months).

Notes India remains expensive despite the selloff, and asks what it would take for foreign investors to come back.

Haslinda Amin

Jwalant Nanavati

Compares India to China 10-15 years ago, which was consistently deemed expensive but growth proved the bears wrong. It is all underpinned by the assumption that India continues to grow strongly.

If there is a slowdown in growth, there will be a pullback.

Asks what is driving the upbeat deal-making in Southeast Asia.

Haslinda Amin

Jwalant Nanavati

Points to three trends: 1) digital infrastructure build (GPU clouds, data centers) in Johor, Singapore, Thailand, Malaysia, Indonesia; 2) revival of the energy transition theme (EV, metals from Indonesia, Vietnam); 3) manufacturing and China+1 transition benefiting Singapore, Vietnam, and Malaysia.

Asks if investors can look past Indonesia's policy wavering and weak currency.

Haslinda Amin

Jwalant Nanavati

Says large global multinationals have stayed invested, and new investors are coming in aggressively. It will require more policy stability, but the current energy crisis is a structural positive tailwind for Indonesia due to its resource independence.

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