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The bubble burst of these chip bottlenecks is indeed happening. What is the dividing line between a bubble and a healthy correction? And what about Korea? It's becoming opportune. What about Chinese tech stocks? Has the market priced in China Break TH yet? >> Don't look for anything else. Inflation is really coming down. This is a good situation. If it drops more than 20%, it's a wrap, the cycle is over. High mountains, those are stuck. AI chips are stuck on high mountains. Suppose it will become a bull market again. The bull is at the bottom. Hey, the same old story. Korea is rising with what? AI bottlenecks, right? Interested because it looks promising. Because I like things that look promising. Right now, oh, Koreans are protesting. The minister has to apologize. Psychology like this, watching the news, it's interesting. At least there should be a bounce, right? But will it be long-term? The appreciation of the Yuan means consumption in China is not just a cyclical recovery, but a long-term increase in the proportion of consumption in GDP. It's a China moment, the whole thing. China itself has a problem because if inflation really goes down, I'm eyeing consumption stocks, those that have been sluggish for a long time are interesting. Stocks in the investment theme are AI bottlenecks, right? AI bottlenecks, true consumption rotation, globally, it's an economic rebalancing. Producers and exporters will have less purchasing power, consumers will have more. This is allowing the Yuan to appreciate continuously. If it continues to appreciate, it shows a very clear intention. If it's not complicated, it's a broadly based, flexible fund that can change themes. Look at the fund managers' views on where they are going. Go 2026, the biggest gold seminar in Thailand is now available for rerun viewing. >> Most people trade gold, 95%. [Music] >> Hey, why are they losing money? >> A crisis is the best time for you to convert cash into valuable assets. >> You can watch all main state sessions again. Follow more details on Event. [Music] The bubble has burst. Those AI bottleneck chips probably won't come back, right? Look for something else. If inflation can really soften, this is a good situation. I'm also eyeing it, it's China, because China is the consumption driver. Consumption in China is not just a cyclical recovery, but a long-term increase in the proportion of consumption in GDP. That's why I have to focus on China. I am focusing, but I think it's a moment, a China moment, the whole of China. Even China itself has a problem because right now, selling AR, buying Hong Kong. AR is hard technology, it's AI, it's an AI supply chain, which also has a bubble that burst. In China, look at A50, oh no, A50 Star 50, or AI chip stocks, AI supply chain stocks in China, their bubbles have burst. >> Yes. >> But it seems to have rotated to Hong Kong, which has been sluggish for a long time, a sleeping giant, consumption plays. I see it. In China, there is rotation, so it's the same globally. People will rotate out of AI bottlenecks, chips, which, when the bubble truly bursts, it's a rotation. If inflation really goes down, I'm eyeing consumption stocks, those that have been sluggish for a long time are interesting. It will be an investment to consumption rotation. Investment stocks are AI bottlenecks, right? AI bottlenecks to consumption rotation globally. >> Ah, this is what I'm looking at. If inflation really goes down. >> And what makes you think that the bubble burst of chip bottlenecks is really happening? And what is the dividing line between a bubble and a healthy correction? >> A healthy correction, let's go by definition. If it's consolidation, a base pause, it drops less than 10%. >> Yes. >> Right? If it's a correction or adjustment, it's 10-20%. >> If it drops more than 20%, it's a wrap. >> Yes. >> So the cycle is over, right? This drop, it's not even 20%, right? >> 30%. >> If the bubble bursts, this is my own opinion. There's no clear definition. When a bubble bursts, I think half is beautiful, right? 50%. >> Yes, it depends on how quickly it will go back up. Sometimes it bounces back 20-30% and becomes a bull market. But if it drops 50%, you have to go up 100% to get back to where you were, right? So you're stuck on the mountain. High mountains, those AI bottlenecks are stuck on high mountains. Suppose it will become a bull market again. The bull is at the bottom. Being stuck on the mountain can be a mountain that is too difficult to reach for a long time. It's similar to what I said, I'm stuck on the China mountain. This is a mountain. These chips, AI bottlenecks, are stuck. But it depends on when it hits the bottom. A mountain is a mountain. Going back up to be a bull market, it might not reach the old mountain. But it doesn't matter, life has to move forward, right? So we have to see what's more interesting. If we're going back to the AI bottleneck theme, I don't think so anymore. Because hyperscalers are saying they're increasing capacity. Is your stock falling? Not anymore. They are only scaling back investment. AI, data centers, they can continue, but the scale has changed. The mountain you were stuck on is too high. And when it drops, it hasn't changed. >> What does that mean, brother Nattha? Does it mean it's heavily discounted now, but it will gradually decrease, or will it continue to invest for another 2 years with this growth? It might have to decrease. >> Yes. >> Decreasing, it's just decreasing. It doesn't mean stopping. >> Just reducing the forecast for the growth rate. It might be delayed. Or worse, it's not just that. It's not just about investing more. There's China Break through, right? Do you need that many chips? Do you need to invest this much? Or are there other technological breakthroughs? There's so much uncertainty. But just a month or two ago, in May, June, people were so confident that why do we need to invest so much? Were you that confident? I question it. When there's a technological breakthrough, you don't need that much. It's over. So it drops to a new base. You can call it an adjustment. An adjustment of 50-60%. And when it recovers 30-40%, it seems like a lot, but it won't go back to the old mountain. It's stuck. And now the bubble has burst, like any bubble burst. It doesn't go down forever. It can bounce back beautifully. But for those who enter the new round, not for those who are stuck. Those who are stuck are too high. In May, June, that was a high mountain. It's already burst. If it drops and bounces back, it's at a new base. It's not the same. It might not go back to the original place easily. It's like a bubble bursting, getting stuck. You're stuck. >> But this is only for chip bottlenecks, right? I'm not saying... >> The bottleneck. >> I'm not saying that... >> Other things that are bottlenecks, I think it's all of it. But I'm not saying AI is over. No. I'm not using the word AI with... >> AI stocks, tech stocks can continue, and there will be rotation. For example, major hyperscalers, like Max, Style Max 7, they just said they are reducing investment, slowing down investment, holding cash, buying back shares. That's it. Stocks have just risen. And they're going back to playing big tech, right? There can be rotation. But what they said... >> Let's look for bottlenecks. >> It's over. Those are finished. When hyperscalers save themselves, those who absorb everything, who thought capacity would come, it's over. Those are the high mountains. And when the bubble bursts, you have to go down and play at the bottom. It won't go back to the original place. Those are the bottlenecks. And then you go back to playing big tech easily, right? If there are new highs, it will be in big tech, not in the bottlenecks. Those strange names we've never played before and are playing this round, those are it. >> Yes. >> Yes. >> But for those that are still considered bottlenecks, investors are still looking for new bottlenecks. They are infrastructure, energy, which are always considered bottlenecks because they always have to train data centers. So, do these burst or not? >> The price, the price goes up with expectations. It depends on whether I believe they've chased so many bottlenecks that the price has gone up how many times. With the assumption then. Just about 2 months ago. >> When the assumption changes, the price doesn't go down. It comes down to the bottom. It might go back up 30-40%, 50%, but it's in the lower range. If you bought at the top about 2 months ago, you're stuck at a level that might be hard to recover from. It's at that point. You might be able to play again. New people. It's an opportunity for new people. But for those who bought 2 months ago, I heard a lot in the market, like, oh, it will grow this much for the next 2 years for sure. Which means you bought at that price when you heard that. >> That's it. >> At that price, you might not see it again for a long time. That's all. But if you're just entering now, when it bottoms out, there will be an opportunity. At that time, sitting there, it's not a time to warn. I'm just recapping what happened 2 months ago. >> If you bought there, you're done. You have to adjust your portfolio enormously. But if this might be an opportunity for new people, it's not slow. But it's a bit slow because the Fed is not raising interest rates. Just a little complaint. Raising interest rates. Oh, you might have entered the new round already because it will be crushed until those who are stuck are completely out of hope, can't take it anymore. New people come in. But when they don't raise interest rates, I complain a bit today that it makes things a bit difficult. Instead of buying something quickly, you might have to wait a bit longer. >> Ah, maybe, maybe it's close. Maybe you're starting to invest soon. But it makes it a bit more difficult because the Fed is not raising interest rates. >> Yes. And Korea? Earlier, you mentioned it. It's becoming opportune now, but what will be the future direction? >> I'm starting to be interested, but I have to compare it to see if it's the most interesting thing right now. For me, I'm more interested in China. The same old story, Korea is rising with what? Memory chips, AI bottlenecks, right? Will this really be played again soon? Will you play something else first? So it's probably not the target yet. I think we have to go to new stories first. Go to new stories. And these things, in time, will rise quietly. But in the lower range, in the lower range. >> But why are you interested, brother Nattha? >> Because it looks promising. Because I like things that look promising. It doesn't look like... >> 2 months ago, it was like, oh my god, it was invincible, rising every day, right? Right now, oh, Koreans are protesting. The minister has to apologize. In terms of psychology, watching the news, it's interesting. At least there should be a bounce, right? But will it be long-term? It depends on whether this is very bad or something. It might be buyable, but you have to see what people are going to be interested in. You have to look around. Because you compare, what will be the next theme? Will they play this again, or not? Or something else? Right now, I'm interested in China. >> Why China? >> Consumption. China's consumption is different from elsewhere because it's structural. It's not just that. It's structural. There's a 5-year, 10-year plan to expand consumption. And one piece of evidence that they are serious is the appreciation of the Yuan. The appreciation of the Yuan is like this. It's rebalancing the economy. Producers and exporters will have less purchasing power. Consumers will have more. This is allowing the Yuan to appreciate continuously. If it continues to appreciate, it shows a very clear intention that the economy is moving towards consumption. Which must be done. But the Yuan is the confirmation. The plan is 5-10 years. It must be done. And the Yuan is the confirmation that they are letting it appreciate, meaning they are doing it. So just wait. Play the consumption theme here. It will be long-term. >> Yes, but what about Chinese tech themes that you mentioned, China Break? Has the market priced it in yet? The Chinese market. >> I think it comes in waves because it's a breakthrough. It's just a breakthrough. Can it be widely adopted? Maybe some things can, maybe not. So it will come in waves. It might drop, right? But right now, what's happening in China is no different from the world. There are bubbles that have burst, and there's rotation. As we see, AI supply chain stocks have burst, and then consumption has risen. So we'll see that the market is rising against the trend. The process is still ongoing. But for my funds, two Chinese stock funds, KTARES and KT China, which are two markets, they are funds that can invest globally. So, hopefully, the fund managers can adjust. If there's rotation, new leaders, they will adjust to new leaders, giving more weight to such leaders. If a fund is to stay and continue, it must be a fund like that. Or you have to choose the theme yourself, which theme will be the new leader in the Chinese market. But if you invest in Chinese stocks and play only one theme, you have to see if it's an old leader that is being rotated out. Right? But if you don't make it complicated, it's a fund that is broadly based, flexible, can change themes, and look at the fund manager's views on where they are going. For example, ours is like that. >> Yes. And gold? It hasn't come down to buy. What is your view on gold now? If there's still a chance of interest rates rising, will that be positive for gold? >> It's not the end of the downtrend, right? The Fed not raising interest rates the first time is not the end of the downtrend. Because the concern is even heavier now, isn't it? The expectation of interest rate hikes in September is higher. >> Thank you everyone for following us. Our goal is to take this channel to 1 million subscribers to create a wider society of learning in economics, business, and investment. We now have YouTube Membership. By subscribing, you will receive exclusive content and seminars from PR [Music] KP and the Business Tomorrow team. Please subscribe.