Asks if TSMC earnings fuel broad AI optimism or a pullaway from US Big Tech towards Asia/Europe.
Lizzy Burden
Kokou Agbo-Bloua
US companies' earnings power has outperformed, forcing investors back to US equities despite de-dollarization themes.
Asks how much pressure AI could put on wage inflation.
Lizzy Burden
Kokou Agbo-Bloua
Early days, but new IT job offers down 30-35% since ChatGPT launch; over time, AI will pressure wage inflation and may help solve the inflation stickiness debate.
Asks if US stock momentum can continue without many Fed cuts.
Lizzy Burden
Kokou Agbo-Bloua
Yes. Fed cuts were a response to COVID inflation; now focus is on earnings power. US market cap dominance ($60T vs Europe $14T), capex, and loose fiscal policy ahead of midterms support a robust US equity outlook.
Asks about moving away from the dollar amid political risk.
Lizzy Burden
Kokou Agbo-Bloua
Dollar strength reflects US economic resilience. Markets have become 'anti-fragile' – more resilient and adaptive to geopolitical stress, learning not to overreact to noise.
Asks if Japan-China tensions are underpriced, focusing on growth over geopolitics.
Lizzy Burden
Kokou Agbo-Bloua
Japan-China tensions are an area to watch, but a major unraveling is unlikely due to US strategic containment (First Island Chain doctrine).