AI CapEx drives emerging market earnings
The speakers argued that the global AI CapEx cycle is driving a surge in emerging market earnings forecasts, particularly in Taiwan and South Korea.
The argument
The guest noted that instead of traditional commodity-driven growth, EM strength is now concentrated in AI-related hardware and memory chip leaders like TSMC and Samsung.
The thesis, stress-tested
✓ What validates it
- ✓Continued upward revisions in EM earnings forecasts
- ✓Strong quarterly CapEx guidance from US hyperscalers
▸ Risks discussed
- ▸Geopolitical risks in Taiwan and South Korea
- ▸Cyclicality of semiconductor demand
Hear it yourself
"But then they do it everywhere in The US. Yes. Usually, except Chicago, it feels like. Because last time, '94, there was a game in Chicago. I think the opening game was in Chicago. This time, not quite around because they gave it to anything? Or I think the cities that bid for it. Okay. You know, they're a part of the bidding committee. I think that's how it works. Alright. Well, I'm rooting for your team. Is The Netherlands, you said? Netherlands. Yeah. Other than The US, obviously. Why do you like The Netherlands? So I started watching soccer when I was at That's neither here nor there."
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