|
Feb 17
|
|
—
|
LONG
|
Russ Koesterich
Chief Investment Strategist, BlackRock
|
Koesterich points to "better value opportunities outside the US," specifically citing Japan (fiscal stimulus) and Korea/Taiwan (semiconductor rally). Skelly mentions the "global reflation trade" where the US has ceded leadership to these regions. While the US struggles with high valuations and AI doubts, Asian markets offer the same tech/semi exposure (AI hardware) at lower multiples, plus idiosyncratic catalysts like Japan's corporate governance/fiscal shifts. LONG Asian developed/emerging markets. Global trade wars or US dollar strength reversing. |
Bloomberg Markets
Bloomberg Surveillance 2/17/2026
|
|
Feb 16
|
|
—
|
WATCH
|
Joumanna Bercetche
Anchor, Bloomberg
|
Alibaba (BABA) was added to and then removed from a Pentagon list. The US is deliberating on adding the "memory chip industry" to restriction lists. The regulatory environment for Chinese tech and Asian chipmakers is highly volatile and subject to "internal deliberations within the White House." This creates binary risk (sanction vs. no sanction). WATCH. Avoid taking large directional bets until the "much-awaited meeting between President Trump and President Xi" in April. Sudden inclusion on the Pentagon list causing a liquidity event. |
Bloomberg Markets
Bonds Rise on Rate-Cut Bets; Gold Dips Below ...
|
|
Feb 16
|
|
—
|
LONG
|
Adam Lynn
Market Strategist / Guest Speaker
|
"Korea will be amazing because we still got this DRM story, this high band memory story going on." Even if US software/equities lag, the physical infrastructure required for AI (High Bandwidth Memory/DRAM) remains in a structural bull market. South Korean manufacturers control this supply chain, making them a "pick and shovel" play that can outperform even if US tech sentiment sours. LONG Korea for exposure to the semiconductor memory super-cycle. A collapse in global AI capex spending would directly hit memory chip demand. |
Bloomberg Markets
US Stocks to Lag European Peers on AI
|
|
Feb 16
|
|
—
|
LONG
|
Stephanie Leung
CIO, StashAway
|
Leung notes that while the "SaaS apocalypse" (AI replacing software) is shaking markets, the "hardware bottleneck" is the only area with clear earnings visibility. She specifically cites Korea as a beneficiary of the cyclical recovery and AI demand. The "AI Scare" trade is punishing software, but the demand for compute is skyrocketing. Korea (specifically memory chips) sits at the intersection of AI demand and a global cyclical recovery, offering better risk/reward than crowded US software trades. LONG. Focus on the "picks and shovels" of AI where supply is constrained. A global recession dampening cyclical demand for electronics. |
Bloomberg Markets
Laopu Gold, CATL Added to Hang Seng Index | T...
|
|
Feb 16
|
|
—
|
LONG
|
Min Min Low
China Correspondent, Bloomberg
|
While US software/logistics stocks fall, the KOSPI (Korea) is pushing higher. Samsung is rising "inexplicably" to some, but the reporter notes Korean tech is concentrated in Hardware, not Software. Hardware is the "pick and shovel" of AI, whereas Software/Services are the victims of AI automation. Investors are rotating out of "AI Victims" (Software) into "AI Enablers" (Hardware/Memory), benefiting the Korean market. LONG Korean equities and Memory Chip manufacturers as a hedge against the US AI scare trade. Global recession dampening hardware demand. |
Bloomberg Markets
AI 'Scare Trade' Takes Hold; Talabat FY Earni...
|
|
Feb 13
|
|
—
|
LONG
|
—
|
The US market has underperformed and turned negative for the year, whereas Asian markets are up over 10%. The speaker notes Asia is "at the top of the supply chain" for infrastructure, equipment, and chips (specifically TSMC, Korean memory makers, and Japanese firms). Capital is rotating from US software/tech into Asian hardware/semiconductors because these regions control the physical constraints of the AI boom (chips/memory) and are offering better relative performance than the S&P 500. LONG Asian hardware and indices as the "rest of the world" trade outperforms the US. A global recession dampening demand for semiconductors or geopolitical tensions in the Taiwan Strait. |
Bloomberg Markets
S&P 500 Erases Year’s Gains, Asia Prospers: 3...
|
|
Feb 13
|
|
—
|
LONG
|
Mixo Das
Asia Equity Strategist, J.P. Morgan
|
J.P. Morgan set a base case target of 6,000 and a bull case of 7,500 for the KOSPI. Samsung and SK Hynix are warning of supply shortages in memory chips. The memory sector is lifting the entire Asian benchmark, insulating it from the US "scare trade." The bull case assumes capital repatriation and a broadening rally beyond just two stocks (Samsung/SK Hynix) into defense and shipbuilding. LONG. The sector is benefiting from a supply/demand imbalance and rising prices across all memory categories (DRAM/NAND). Global equities entering a prolonged downturn would drag Korea down regardless of sector strength. |
Bloomberg Markets
Chinese Stocks Can't Wait for Holiday Break, ...
|
|
Feb 13
|
|
—
|
LONG
|
Grace Tam
Chief Investment Adviser, BNP Paribas Wealth Management
|
Tam states they favor "AI enablers" specifically "semiconductors, arms, the infrastructure, and especially some of the power related themes." She highlights severe shortages in memory chips and logic wafers in Taiwan and South Korea. While the market sells off "AI losers" (software), the capital expenditure on data centers is not slowing down. This creates high earnings visibility for the hardware manufacturers supplying the shortage. LONG the upstream hardware providers. A sudden halt in global AI CapEx spending. |
Bloomberg Markets
How AI Is Proving to Be a Double-Edged Sword ...
|
|
Feb 13
|
|
—
|
LONG
|
Peter Elstrom
Senior Editor, Bloomberg Technology
|
Samsung has sent its first shipment of HBM (High Bandwidth Memory) to customers. Kioxia forecasts better-than-expected operating income due to strong data storage demand. The "AI Angst" trade does not apply to the hardware enablers. Data centers require massive memory upgrades. Samsung catching up to SK Hynix creates a broader supply base for Nvidia, validating the "supercycle" in memory chips. Additionally, the Korean government is incentivizing "Ants" (retail investors) to repatriate cash into domestic stocks. LONG. Strong secular demand for memory (HBM) combined with domestic liquidity flows in Korea. Oversupply if Samsung ramps production too quickly. |
Bloomberg Markets
AI Angst Rocks Asia Markets | The Asia Trade ...
|
|
Feb 12
|
|
—
|
LONG
|
Leon Ting
Head of Research, TokenInsight
|
Ting notes that Samsung and SK Hynix are aggressively revising earnings forecasts upward due to a "memory chip shortage." The AI boom requires massive memory capacity. While software stocks are jittery, the hardware suppliers (Korea) are seeing tangible order flow and pricing power. LONG. This is the "picks and shovels" play of the AI cycle, currently outperforming US software. Global recession dampening hardware demand; cyclical downturn in chip pricing. |
Bloomberg Markets
Citi Eyes Big India Plans as US Banks Rush to...
|
|
Feb 12
|
|
—
|
LONG
|
Annabelle Drou
Asia Reporter, Bloomberg
|
Samsung shares rose 7% and the KOSPI rose 3% following Micron's comments about "tightness" in the memory chip supply chain. The AI boom is creating a structural shortage in high-bandwidth memory. While US tech is flat due to rate fears, Asian hardware suppliers are catching the "second wave" of AI capital expenditure. Long memory sector as pricing power returns to suppliers. Global trade war escalation impacting semiconductor exports. |
Bloomberg Markets
Trump Rebuked Over Canada Tariffs as Midterm ...
|
|
Feb 12
|
|
—
|
LONG
|
Stephanie Aliaga
Global Market Strategist, JPMorgan Asset Management
|
Aliaga states that while the "AI Scare Trade" hurts software, the "nuts and bolts" of AI are still in high demand. She explicitly notes, "Memory is really the bottleneck here, not just the raw intelligence... these agents require memory." As AI shifts from simple chatbots to "Agentic AI" (complex tasks), the computational load on memory chips increases exponentially. Pricing power for memory manufacturers (Samsung, SK Hynix, Micron) is surging because demand outstrips supply, and they have "real moats." LONG Memory manufacturers as the primary beneficiaries of the next phase of AI capex. Hyperscalers (Microsoft, Google, Meta) cutting capex spending due to lack of immediate ROI. |
Bloomberg Markets
China's Zhipu Jolts AI Race as 'Scare Trade' ...
|