Global AI supply chain and EM outlook (with Romaine Bostick, Katie Greifeld)

Asks if Dina worries about overheated conditions in Korea and Taiwan similar to US concerns.

Romaine Bostick

Dina Ting

The semiconductor ecosystem in Korea and Taiwan is becoming more enduring due to integrated manufacturing and memory specialization, making displacement harder. Valuations in South Korea remain reasonable with PE multiples in high single digits.

Taiwan leads in AI manufacturing requiring high capital investment; Korea focuses on high-bandwidth memory from design to packaging.

Asks if investors are gravitating towards physical AI and robotics, which seem more advanced outside the US.

Romaine Bostick

Dina Ting

Investors always look for the future; AI infrastructure investment will eventually benefit all businesses, and the gravitational pull will always look at the next step. AI implementation will broaden across industries.

Whether a part manufacturer or software provider, AI will create real business opportunities.

Asks how geopolitics, especially US-China chip tensions, factor into the global AI supply chain investment.

Katie Greifeld

Dina Ting

Geopolitics plays a big factor because of national security; collaboration is needed as expertise is spread across multiple countries, which is a good thing.

Countries that typically don't work together are forced to collaborate to reach specific goals.

Asks about the metric of a country's leader standing with President Trump being used to judge EM debt riskiness.

Katie Greifeld

Dina Ting

EM should not be lumped together; investors should look at specific countries driven by different economic factors and relationships. A neutral EM allocation is 10-15%, but conviction can be expressed via single-country ETFs.

Who has a better relationship and the power to derive a better relationship will benefit that country.

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