The 720: Global Market Views

A daily roundup of global market views focusing on physical shortages in energy and memory, the dominance of AI in US markets, and specific equity research upgrades in Asian technology and financials.

Key Takeaways

• 1.Physical shortages in memory chips, power, and energy are driving sharp asset price moves and requiring higher prices to signal capital needs.
• 2.The AI trade remains the dominant driver of U.S. equities, accounting for 85% of the S&P 500's year-to-date return.
• 3.Japan strategy is shifting toward 'HALO' (Heavy Assets, Low Obsolescence) stocks due to geopolitical re-alignment and AI disruption fears in light-asset sectors.

Table of Contents

• In Focus | Global Market Views
• Themes in Play | Japan Strategy, Guming, Korea Banks
• New | Silergy - upgrade to Buy
• Results
• Technology | Kioxia, Ebara, SMIC, MPI, VPEC
• Financials | Japan Banks
• Internet | Recruit
• Consumer | H-World, Toyo Suisan
• Event | Kweichow Moutai, UOL
• Around the world | US Strategy, Global Rates
• Disclosure Appendix

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