Asia tech space is best way to play AI right now, says HSBC's Alastair Pinder

Summary

Alastair Pinder of HSBC discusses how higher inflation and commodity prices are bullish for Latin America, particularly Brazil. He also highlights the Asia tech space as the best AI play, driven by memory and semiconductor demand, but leaves that idea without a specific tradable vehicle. The conversation touches on EM vs DM fiscal strength and selective rotation into emerging markets.

• Higher inflation and oil prices are seen as massively bullish for Latin America.
• Brazil remains a key overweight position, especially in energy and materials.
• Aluminum and copper are identified as attractive commodity trends.
• The Asia tech space is called the best way to play AI due to memory and semiconductor capex.
• ASEAN and India are viewed as vulnerable to inflation shocks.
• Emerging markets are argued to have stronger fiscal and current account positions than many developed markets.
• Money is continuing to rotate into select emerging markets, out of areas like Europe.