On EMs & Iran War 2.0 Plus: South Korea’s AI Bet

The resumed US-Iran war will hit Asian nations hard, William reports, destabilizing weak currencies and struggling economies. The rupiah, rupee, yen, and won all have come under renewed pressure, and another oil-supply shock could further depress currencies, increase dollar debt, and raise bond yields. Developing economies are vulnerable as well to second-round effects like food inflation. … Also: Investors looked to the Nasdaq debut of Korea’s SK Hynix for clues to the AI craze’s durability and Korea’s role in it. When the shares sold off on Monday, doubts were kindled. … Toby cautions against reading too much into the activity of a single stock and argues that the Asian AI trade has solid fundamental underpinnings.