AI infrastructure is a global manufacturing trade
The AI trade extends far beyond US tech giants to global semiconductor, chemical, and energy companies supplying the physical data center build-out.
The argument
The guest argued that international markets are hitting all-time highs because they supply critical components for the AI build-out. He highlighted companies like ASML, Soitec, Ajinomoto, and Siemens Energy as key international beneficiaries of this manufacturing demand.
The thesis, stress-tested
✓ What validates it
- ✓Strong earnings reports and upward revisions from international semiconductor suppliers
- ✓Acceleration of global data center power allocations
▸ Risks discussed
- ▸Geopolitical tensions disrupting global supply chains
- ▸Energy shortages slowing down data center construction
Hear it yourself
"about tariffs, and we all come back to the same reason, which is exactly where we are now versus last year. It is a form of taco. I mean, I hate to say it, but, there's no way that Trump can continue, and we've seen no real bombing. Every time The US bombs, what do they say? Truce is still on. This is just, you know, minor skirmishes. This is and the reality is we're a financialized economy. And if we wanna help, which we do through transfer payments, it's a major voting block. We can't allow people to lose their jobs."
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