About this episode
With Korean semiconductor stocks down nearly 50% from their June peak, has the AI correction finally run its course? Where could the next leg of the AI rally come from, and how are China’s cheaper AI models — including DeepSeek’s rumoured new release — reshaping the competitive landscape?
Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, on these latest developments in AI, as well as the broader market themes driving China and global markets — including the rotation back into value names, China’s growth outlook ahead of the fifth plenum, the new Renminbi government bond futures listing in Hong Kong, and the sharp rebound in gold and silver.
- (00:00) - Introduction
- (00:29) - Has the AI stock correction bottomed out?
- (03:03) - Sectors to watch in the next leg of the AI rally
- (05:57) - China’s competitive AI models
- (09:52) - The China internet/hyperscaler rally — can it continue?
- (12:00) - China’s economic outlook and policy direction for H2
- (16:37) - AI vs non-AI: what drives the next rotation?
- (19:28) - Thoughts on the listing of Chinese government bond futures in Hong Kong
- (21:25) - Gold and silver: has the recovery arrived?
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