Damien Boey

speaker

79 appearances 1 recordings 1 series first heard Jun 2026 last heard 29 Jun

Damien Boey’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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FEAR & GREED | Business News · Q+A: Is the AI investment boom starting to crack? · 29 Jun 2026 podcast

But the jury's still out on that because the CapEx growth is very strong.

It's the biggest contributor to global growth that we've seen.

And you can see that even in the exports data of Korea, Taiwan, and China.

So there's the Fed element.

And then, of course, you've got all these capital raisings and IPOs.

And then people are having to think through, well, if we do burn through this much cash and if we are relying on so much external funding for AI capex, how well would the market digest the issuance?

What does the earnings backdrop actually look like as we look at three to five years, let alone the short term?

So there's lots and lots of issues.

And what you're seeing in tech at the moment are all of those uncertainties kind of being focused on at the same time.

But I think definitely what's happening in Korea has been a bit of a catalyst.

And what's happening with Fed Chair Walsh has been a catalyst too.

Yeah, so I think the thing about it is we look at it from an asset allocation perspective, and then we look at the different styles and sectors within an equity market index.

We have a pretty good guess as to what styles are going to work when.

The reality is the end of last year, you saw central banks basically pivot a little bit dovishly, essentially in response to a stagflation light event where tariffs drove inflation potentially higher and economic growth slowed.

And it was on the back of that that tech really started to get a life of its own because everybody thought, look, this is all for longer rates.

And then Iran comes along and then suddenly central bankers start talking about doing the opposite to what they did last year with a very similar set of circumstances.

This time it's oil driving up inflation and oil driving economic growth down, but central banks suddenly want to respond a little bit differently.

What's happened in that time has been truly remarkable because equities did have a little bit of a sell-off in response to Iranian developments, but then they bounced back very, very strongly.

And we attribute that a lot to how well the plumbing of the system has actually been set up such that you can have uncertainty shocks, you can have wobbles in equity markets, but they don't permeate through funding markets or credit markets or things like that to create real crises.

And so the US in that regard has proven itself very exceptional.

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