Grace Tam 3.0 5 ideas

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.

Gold has seen a sell-off recently, which Tam attributes to short-term sentiment and rate adjustments. The long-term drivers—de-dollarization and geopolitical risks—remain intact. She views the current dip as a consolidation phase before a retest of lower levels, which she identifies as a buying opportunity. LONG Gold on dips. Sustained high interest rates or a strengthening US Dollar.