Some of the scares in the US are good news in Asia, particularly the infrastructure needed for agentic AI. The bottleneck is now memory, not just raw intelligence (GPUs).

Demand is so strong they can scale supply and maintain pricing power. The risk is chips getting more expensive, which is a cost for hyperscalers. There's a challenge: you want pricing power but also to enable broader adoption.

Markets may be getting ahead of themselves cementing expectations for Fed cuts. The US economy is in a good spot. It will be hard to make a case for significant easing if the economy is humming and inflation remains warm due to tariffs.