You need to separate the Asian narrative from the US narrative. Asia has its own story: MSCI Asia-Pacific is outperforming S&P 500 by 10 percentage points this year, the most this century.

There are fewer headline-grabbing companies of the same nature as in the US. We saw impacts in India's services sector. There are pockets where people will look at whether AI does the job. The latest AI models are so powerful and progress is so rapid, there's definitely an existential threat to some businesses over the next 5-10 years.