Asks about metrics for global growth hit given weak Chinese exports and war fallout.
Sam
Michelle Gibley
Chinese exports rose less than expected, dampened by Lunar New Year but helped by AI/tech supply chain.
Semiconductor exports surged 70%, electrical equipment up 50% in last two months.
Michelle Gibley
Will see slowdown in economic growth in coming weeks/months; could already be seeing demand destruction.
Strait of Hormuz not opened, physical energy supply constrained, companies/countries will pay elevated energy bills.
Asks about global earnings estimates increasing and corporate read on war impact.
Sam
Michelle Gibley
Earnings estimates have increased globally since war start, upward revisions mostly in tech and energy sectors.
Outside energy sector, revisions due to corporate updates; analysts waiting for earnings season to adjust based on pricing power.
Michelle Gibley
Likes industrial companies related to AI/electrification power demand as long-term theme.
Long-term theme outlasts uncertain near-term economic backdrop.