Yuh-Kyung Lee

Phenomenal.

Absolutely.

So TSMC is the most valuable company in Asia and it's the world's largest founder chip maker.

So its first quarter results were important and investors were looking for clues whether the impact from the prolonged war in Iran before the ceasefire had any impact on the demand for the AI data center or gadgets like the iPhone.

And it's clear that looking at this first quarter result, which were higher than projection,

That is going to ease the concerns about this war having an impact on the AI data centers or demand for AI data center or the gadgets like the iPhone.

So the war in Middle East has been pressuring the energy prices and the shipping routes and there were concerns and these earnings are increasing.

going to give clues to investors whether there will be impact on the tech giant's spending plan.

The shares also rose.

The shares rose 2% in Taiwan overnight and is also rising.

Its ADR is also rising in the U.S.

It was close to the February peak all-time high in Taiwan, so it's clear that there's a rally in the hardware tech space.

That software sell-off, we saw that spreading to Asia overnight, especially the Indian market, which has heavy exposure to software stuff.

saw a big sell-off in the software names.

And this is the resumption of the AI disruption fear that we saw before the war in Iran.

And definitely, there was a buy Asia tech names, hardware tech name before the war started.

And during the war, the high-flying hardware tech stocks were the most beaten down during the war.

And we're seeing kind of a reversal story here

We're seeing the resumption of the sell-off in the AI software name, not only in the U.S., but also in Asia, and this recovery in the beaten-down hardware tech memory chip or other hardware tech names in Asia.

Yeah.