Personal outlook Monday, February 8

\[Not investment advice\] Asia Asia is likely to open under pressure as the sell-off of US tech stocks at the end of last week needs to be digested (US sell-off -> semi-complex under pressure -> Asia needs to reprice). Particularly vulnerable: KOSPI, TWSE. TSMC will be volatile (AMZN orders vs. bubble fears). Intraday: extremely sensitive to headlines related to AI spending, chips, and US futures. Europe Money from the volatile US tech sector continues to flow into Europe. Cautious opening, STOXX 600 will try to maintain its record high. Will it succeed? SAP could benefit from the shift away from US hyperscalers toward local "sovereign clouds." However, as with AMZN, expenditure-versus-income checks could also have a negative impact here. Added to this is European skepticism about bubbles (dot com sends its regards). USA In principle, we are waiting for Wednesday's jobs report (currency flows!). AMZN remains volatile, analysts will dissect the data, particularly cash flow and AWS margins: will AWS growth be called into question? I expect a "civil war" between dip buyers (chips, AI infrastructure) and bubble bears (SW, SaaS). Money is likely to flow into value and defensive sectors: Dow > Nasdaq. Possible winners \- Value/Dow-heavy industrials (real profits > promises) \- Defensive sectors (cash flow now, not in 2029) \- Energy/commodities (geopolitics, inflation hedge, tech rotation) Your thoughts on tomorrow?