Strategy Chartbook

This report highlights the continued robustness of AI demand indicators despite ongoing volatility in global macro markets. It identifies 'semiconductor syndrome' in East Asia and a shifting bond regime as key strategic themes.

Key Takeaways

• 1.AI demand indicators remain robust and suggest the AI rally has durability.
• 2.US bond yields are experiencing higher highs and lows due to more volatile inflation and geopolitical factors.
• 3.Semiconductor-heavy economies like Taiwan and Korea are experiencing 'semiconductor syndrome', defined by a surge in exports without corresponding FX appreciation.

Table of Contents

• Summary - Key Points
• Macro Drivers
• Semiconductor Syndrome
• AI demand indicators looking robust
• Consensus GDP forecasts
• Consensus CPI forecasts
• Multi Asset
• Fixed Income
• Currencies
• Equities
• Alternatives

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