T he ticker tape doesn’t lie, but it often whispers in a language we have forgotten. I have been re-reading 1929 by Andrew Ross Sorkin, and the parallels to our current semiconductor boom are not just striking—they are alarming.
While the market screams regarding the efficiency gains of Generative AI, the capital expenditure cycle mirrors the radio boom of the late 20s almost exactly.
History doesn’t repeat, but it rhymes. We are currently hearing the rhyme of the Radio Corporation of America in the charts of NVIDIA.
The Case for Singapore
This brings me to the Strait of Malacca. While US valuations stretch to perfection, Southeast Asian markets—specifically Singapore and Malaysia—are trading at valuations that offer a genuine margin of safety…