Rais Prasad

Prasad notes that while US software is selling off due to AI fears, Asian hardware is insulated. He states, "Supply is very much very tight right now, but demand is still proving to be very, very much intact" regarding the memory chip cycle. The "AI Angst" is hurting SaaS (software) but boosting the "picks and shovels" (hardware). South Korea is the epicenter of high-bandwidth memory (HBM) production needed for AI. Additionally, Prasad highlights a "corporate governance story" in Korea that will lead to a valuation rerating. LONG South Korean equities and Memory manufacturers. Inventory double-ordering fears or a global recession dampening consumer electronics demand.

Prasad notes that while US software is selling off due to AI fears, Asian hardware is insulated. He states, "Supply is very much very tight right now, but demand is still proving to be very, very much intact" regarding the memory chip cycle. The "AI Angst" is hurting SaaS (software) but boosting the "picks and shovels" (hardware). South Korea is the epicenter of high-bandwidth memory (HBM) production needed for AI. Additionally, Prasad highlights a "corporate governance story" in Korea that will lead to a valuation rerating. LONG South Korean equities and Memory manufacturers. Inventory double-ordering fears or a global recession dampening consumer electronics demand.