Saxo Markets chief investment strategist Charu Chanana says Asian markets are
particularly vulnerable in the latest AI-led sell-off. She cites a partial
market reappraisal of future US infrastructure demand and overly concentrated
investor positions in AI beneficiaries. South Korea and Taiwan are heavily
exposed to the global AI hardware cycle, notably logic and memory chips; Japan’s
exposure is concentrated in semiconductor equipment makers and industrial
suppliers. Chanana says crowded positioning has amplified the shock and the
speed and breadth of the sell-off point to ongoing deleveraging and a potential
for forced liquidations.