The Next Big AI Trade May Have Nothing To Do With Stocks

The AI export explosion

Taiwan has become one of the biggest beneficiaries of the global AI capex supercycle. TS Lombard highlights that exports have surged to extraordinary levels, driving exceptional economic growth and an exploding current-account surplus. Exports have climbed toward 80% of GDP, while the current-account surplus has reached $237bn over the past four quarters. Taiwan's economy has rarely been this exposed to a single global investment cycle.