Ideas
Rotate from US tech into value, Asia
US mega-cap tech's extraordinary run has stalled, with the Nasdaq flat over three months and momentum knocked out; investors are rotating into more value-oriented US sectors, small caps, and Asian tech, which still looks hot by comparison.
Rotate from US tech into value, Asia
US mega-cap tech's extraordinary run has stalled, with the Nasdaq flat over three months and momentum knocked out; investors are rotating into more value-oriented US sectors, small caps, and Asian tech, which still looks hot by comparison.
Dollar rebound makes dollar bears harder
The dollar has seen a surprise rebound at the start of the year, particularly against Asian currencies, and there are reasons people are interested in the dollar; being a dollar bear is becoming more difficult.
Yen weak, intervention risk nearing
The yen is weak, pushing toward 160, and election risk plus potential excessive spending could upset the bond market; the US Treasury has given tacit approval for intervention, so the market is getting closer to levels where Japanese authorities may warn.
Gold and silver are tearing higher
While the dollar gains against other currencies, gold and silver are tearing higher against everything else, showing strong momentum.
Watch Korean won intervention floor
Korean won weakness has drawn US Treasury comments that it does not reflect fundamentals, giving tacit approval for Korean authorities to intervene and potentially more saber-rattling to stop the rot; watch the durability of the floor.
Japanese equities have tech, governance momentum
Japanese stocks have strong momentum, supported by the tech story and government efforts to improve corporate governance that are lifting valuations; the caveat is potential FX turbulence.
BeOne profitable with late-stage pipeline
2025 was BeOne's first year of profitability; the company is moving three foundational medicines forward and has advanced five solid tumor assets into late-stage clinical development, with global clinical infrastructure and JPM dealmaking potentially supporting growth.
China biotech ecosystem improving
China's biotech ecosystem has improved over the last decade, with policies helping generate revenue for innovative products and reach more patients; global companies are interested in partnering with Chinese biotech, which is positive for the industry.
Buy Asian AI hardware markets
Rotation within tech and between tech and non-tech has created divergence; the hardware/semiconductor side is outperforming the broader Nasdaq, and Asia's best-performing markets—Korea, Taiwan, and Japan—have more hardware exposure to the AI complex.
Buy Asian AI hardware markets
Memory prices have surged up to fourfold, driving Korean tech outperformance; Korea dominates memory/storage and Taiwan dominates foundries/AI servers with no clear replacements and strong pricing power; KOSPI 200 trades around 10x PE in line with long-term average and TAIEX at about a 30% discount to Nasdaq, so pricing power should feed earnings.
China AI supported by policy shift
Positive on China AI due to the anticipated 15th Five-Year Plan and policy support, recent IPOs and outperformance, and a structural change in investor perception of China AI competitiveness; the ecosystem is not connected to US AI, with Hong Kong offering AI application/internet/software and onshore offering hardware.
Avoid weak China consumer stocks
Inflows into China are divided; the consumer side has remained weak for the past year or two, with only new consumption in a handful of stocks or subsectors, while focus has shifted to technology, health care, and high-end manufacturing.
Buy SK hynix over crowded TSMC
TSMC's rally has created extremely crowded positioning, with record active EM fund ownership and index weight limits; investors still bullish AI are using SK hynix and memory beneficiaries or other supply-chain plays instead of outright owning TSMC.
Korean won to strengthen below 1400
Goldman is among the most bullish on the Korean won; it expects USD/KRW below 1400 on the horizon due to strong fundamentals and a favorable cyclical tailwind from rising chip prices; Korean won weakness is driven by outbound flows that can be managed, not rate differential.
This Bloomberg Markets video, published January 15, 2026,
features Paul Dobson, John V. Oyler, Jason Lui, Mishal, Goohoon Kwon
discussing XLK, VTV, IWM, Asian Tech, USD, USD/JPY, GLD, SILVER, USD/KRW, EWJ, ONC, KURE, Korean equities, EWT, KOSPI 200, KWEB, China onshore AI hardware stocks, CHIQ, 000660.KS.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Paul Dobson,
John V. Oyler,
Jason Lui,
Mishal,
Goohoon Kwon
· Tickers:
XLK,
VTV,
IWM,
Asian Tech,
USD,
USD/JPY,
GLD,
SILVER,
USD/KRW,
EWJ,
ONC,
KURE,
Korean equities,
EWT,
KOSPI 200,
KWEB,
China onshore AI hardware stocks,
CHIQ,
000660.KS
