The hunt is on for companies that could benefit from the tailwinds of an unprecedented wave of stock offerings in the US, and investors are increasingly honing in on the Asian supply chain.
Their thesis is that the billions of dollars that SpaceX, Anthropic PBC and OpenAI are set to raise will kick off a fresh round of technology spending — with a good chunk of that finding its way to the makers of server parts, specialised materials, cooling components and power equipment. For stock markets in Asia, that could be the catalyst for the next leg of a historic rally.
Hardware firms in the region are already among the biggest winners of the data-centre buildout, which has propelled chipmakers Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co. and SK Hynix Inc. into the trillion-dollar club. But after their breakneck gains, some investors have become uneasy about those lofty valuations and are now betting that the next phase will create a new class of champions.
“AI IPOs could further fuel the capex boom at a time when Asian chip stocks look stretched,” said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong Ltd. “We’re currently underweighting semiconductors in our Asia technology strategy and focusing more on the electronic component makers.”
