Ruchir Sharma

And then you have AI losers.

Every time there's a technological revolution, Europe is always in the AI losers basket, right?

So that's what happens.

With the only notable exception being the Dutch because of one company.

ASML.

Yeah, ASML.

And then there is the real losers.

And this is how quickly narratives can flip.

And this is something we have to all keep in mind.

India, for example.

Right?

Like, this was the big celebrated country until even a couple of years ago on a high.

The hottest stock market in the world.

The only market keeping pace with America.

All of a sudden, last two years, in dollar terms, about the worst performing stock market among the major markets in the world.

Because not only...

don't they have any of the AI hardware, which is what is driving markets today?

But they also have industries like IT services, which has seemed to be the wrong end of the AI wrecking ball.

So Philippines, Indonesia, India, all these markets, nobody wants to touch them.

They're tech outsourcing markets.