Christina Woon

India is starting to look interesting from a valuations perspective after selling off and lagging; with oil prices declining, India's relative health as an importer improves, offering diversification and a buffer amid tech volatility.

The speaker argues the AI "CapEx boom has been a bit more resilient than expected" and is "very hard to then stop." She specifically highlights the resilience of "picks and shovels" in Asia, such as memory makers and server ODMs, noting strong earnings and that this demand has "added some resilience" to Asian strategies. AI adoption at enterprise and consumer levels has passed a point of no return, embedding continued investment. Supply bottlenecks (e.g., in memory) and sustained demand support the hardware ecosystem, making it a defensive growth pillar even amidst geopolitical volatility. LONG on the Asian tech hardware ecosystem because it offers a combination of resilient structural demand and, in some cases (like Taiwanese server ODMs), attractive dividend yield for stability. A sharp, unexpected downturn in global tech capital expenditure or a faster-than-expected resolution of supply bottlenecks.