About this episode

The episode explores the contradictions in the semiconductor market and the potential of Singapore REITs amidst changing economic conditions.

In this episode, our host, Seng Yeow, discusses the contradiction at the heart of last week's markets: strong TSMC earnings met with a sharp sell-off in semiconductor stocks, even as the S&P 500 broadened with record highs in financials and transports. He examines what this divergence signals about the AI semiconductor trade and the wider economy. We begin with our Hong Kong strategist, Ben Ho, who unpacks the upcoming CXMT IPO on Shanghai's Star Market. He explains why the listing represents both the beginning of China's semiconductor capital market and quite possibly the peak of the current memory cycle, weighing the structural case for China's DRAM ambitions against the classic boom-bust risks of the industry, while also assessing how rising AI inference demand and Moonshot's Kimi K3 model could reshape the memory outlook. Finally, Krishna Guha, our REITs specialist, joins to discuss how Singapore REITs can still create value even as rate cut expectations fade, and where he sees the best balance of yield, growth and valuation across the sector today.

People in this episode

Host: Seng Yeow

Guests: Ben Ho, Krishna Guha

Topics covered

• semiconductor market
• AI inference demand
• REITs
• financial markets
• China's semiconductor capital market
• memory cycle

Keywords

• semiconductors
• REITs
• financial markets
• AI
• CXMT IPO
• memory cycle
• China
• TSMC

Mentioned in this episode

Organizations: TSMC, CXMT, Moonshot, Singapore REITs

Places: Shanghai, China, Hong Kong

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