Stephanie Leung

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.

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.

Leung states, "Gold is a replacement for the US dollar... we don't need to further beta by adding silver." Gold is being treated as a core sovereign asset and hedge against US fiscal/political instability. Unlike Silver, which is retail-driven and speculative, Gold has institutional and central bank support. LONG. Stick to Gold for the macro hedge; avoid Silver's volatility. A sudden strengthening of the USD or a rise in real rates.

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.