Asia Markets & Tech Rotation (with Haslinda Amin)

Focus shifts from AI model training to usage and inference. Taiwan benefits from localization; Korea faces headwinds from memory oversupply fears and foreign outflows. Dollar strength pressures Asian FX, with Japan and Korea on intervention watch.

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Anthony Stevens 4.0

Asia Markets & Tech Rotation (with Haslinda Amin)

dxy

Dollar strength is a key theme pressuring Asian FX; rate differentials driving dollar versus Asian currencies in one direction.

ndx

Tech rally is maturing with rotation from training to inference; Taiwan benefits but Korea faces headwinds. Overall tech trade continues but with more caution and selectivity.

rut

Korea is under pressure from foreign outflows and memory cycle concerns; Taiwan is broadening but overall Asian equities are fading from strong open.

Haslinda Amin

Asian equities start second half after strong quarter; rotation within tech trade is key as rally matures; Korea sees foreign outflows while Taiwan's rally broadens.
Anthony Stevens

Market focus is moving from AI model training capex to AI usage and inference demand. China's AI ecosystem is growing with different model requirements than US frontier models, benefiting Taiwan over Korea.
Haslinda Amin

HSBC's Paul Mackel warns the explosive dollar could be the pain trade to watch.
Anthony Stevens

Dollar strength is pressuring Asia, ironically in the strongest tech trade parts like Korea and Japan, where gains are narrow and central banks are hesitant to raise rates. The yen-won correlation has increased, both on intervention watch.

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