Moving Markets

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?

What is Moving Markets?

Moving Markets is the home of podcasts at Julius Baer. Here, our expert teams share concise daily market updates in ‘Moving Markets Daily’ which is complemented by ‘Moving Markets: The View Beyond’, a weekly show dedicated to discussing the context, thematic angles, and investment implications behind key topics shaping the news cycle and conversations among our relationship managers and clients.

The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.