# OpenAI Revenue Report Hits Tech

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 9 Oct 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/58e85be7-dbb5-4043-afed-af80014dc0b3/e9251fb8-3bee-4d3f-91a8-b4de0013637f/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Business and finance news from the Asia-Pacific. Asian stocks dropped, tracking declines on Wall Street, as speculation about OpenAI's revenue revived concerns over the sustainability of the artificial-intelligence spending boom. Oil edged lower. The MSCI Asia Pacific equities index edged 0.1% lower early Friday. Japan's Nikkei fell over 1%, with Softbank Group Corp. declining more than 5%. The regional moves came after the Nasdaq 100 Index sank 1.4%, its worst day in seven weeks, while a US gauge of chipmakers slumped 3.4%. The S&P 500 Index dropped 0.5%. Markets are closed in South Korea and Taiwan. The declines in the US followed a Financial Times report that OpenAI's annualized revenue was $20 billion below previously signaled levels. The ChatGPT maker is on track for roughly $50 billion, according to people familiar with the matter. Also, Firmus Grid Ltd., an Australian data center company backed by Nvidia Corp., is set to postpone its initial public offering, according to people familiar with the matter. We speak to Paul Dobson, Bloomberg's Executive Editor for Asia Markets. And for more analysis on the market reaction towards the OpenAI report and the outlook on the AI trade, Bloomberg's Avril Hong spoke to Seema Shah, Principal Global Investors Chief Global Strategist. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 3: Radio.
[0:06] Speaker 4: News.
[0:11] Speaker 1: Welcome to the Daybreak Asia podcast. I'm Doug Krisner.
[0:14] Speaker 4: The U.S.
[0:15] Speaker 1: Equity market struggled a bit with some negativity regarding the
[0:18] Speaker 1: AI trade. And interestingly, it involved open AI. The company
[0:23] Speaker 1: is on track to generate annualized revenue of roughly $ 50 billion.
[0:28] Speaker 1: That's based on its current performance. Yes, it's an uptick
[0:31] Speaker 1: from the prior year, but it's less than the near
[0:34] Speaker 1: $ 70 billion in some recently reported estimates. So with that news,
[0:38] Speaker 1: we had some selling in semiconductor stocks. A key question
[0:41] Speaker 1: may be whether the AI spending spree will become harder
[0:45] Speaker 1: to justify. We had the Philadelphia Semiconductor Index down about 3.4%. Now,
[0:51] Speaker 1: it may be a little difficult to gauge the reaction
[0:54] Speaker 1: in the APAC region since we have market holidays today.
[0:57] Speaker 1: in South Korea and Taiwan. For a closer look at
[1:00] Speaker 1: what we're seeing in markets, let's bring in Bloomberg's Paul Dobson.
[1:03] Speaker 1: Paul is executive editor for Asia Markets, and he joins
[1:06] Speaker 1: from our studio in Singapore. Thank you for being here.
[1:10] Speaker 1: How would you go about trying to ascertain sentiment as
[1:14] Speaker 1: it relates to the chip stocks if we have South
[1:17] Speaker 1: Korea and Taiwan closed today?
[1:19] Speaker 3: Yeah.
[1:20] Speaker 2: Hi, Doug.
[1:20] Speaker 4: Well, we do have Japan open, so that gives us
[1:23] Speaker 4: something to go off. And of course, SoftBank It's very
[1:25] Speaker 4: much tied to open AI. It's opened weaker. We'll see
[1:30] Speaker 4: how that unfolds through the day. We also have the
[1:32] Speaker 4: likes of Kioxia, which will give us a little bit
[1:34] Speaker 4: more of a steer on how people are viewing various
[1:37] Speaker 4: chip makers. That also opened a little bit to the downside.
[1:41] Speaker 4: So the Nikkei overall is the best lean that we
[1:46] Speaker 4: have or the best steer that we have on the
[1:49] Speaker 4: AI trade. in Asia's markets. We also have US futures
[1:53] Speaker 4: and at the start of the day, they were up
[1:55] Speaker 4: a little bit. So pointing to signs of a modest
[1:59] Speaker 4: recovery from the dip that we saw in US trading.
[2:03] Speaker 4: I think that one other thing that really has captured
[2:05] Speaker 4: the attention and the hearts and the minds of audience
[2:08] Speaker 4: in this part of the world has been the Firmus deal,
[2:12] Speaker 4: which they were trying to do an IPO in Australia
[2:14] Speaker 4: for their data centers. it looks like that has been shelved, postponed,
[2:19] Speaker 4: or at least isn't going to happen in the form
[2:22] Speaker 4: that they were hoping.
[2:24] Speaker 1: I'm wondering what's going on with this AI trade right now,
[2:26] Speaker 1: because Thursday in the APAC, we had Samsung Electronics and
[2:31] Speaker 1: Taiwan Semi both reporting blowout results. The market seemed to react,
[2:36] Speaker 1: I don't want to say with a shrug necessarily, because
[2:39] Speaker 1: the stocks were down in the UK last Samsung, I think,
[2:42] Speaker 1: fell about 3.8%. And here in the States, U.S. listed
[2:45] Speaker 1: shares in TSMC were down about 3%. What is this
[2:49] Speaker 1: telling us? Have these stocks come so far so quickly?
[2:53] Speaker 1: Maybe when you get a little bit of news that
[2:55] Speaker 1: is slightly disappointing, that there is a strong negative reaction?
[2:59] Speaker 4: I think that there's an increasingly high bar for the
[3:03] Speaker 4: AI companies and prospective AI companies. fundraising deals right now
[3:09] Speaker 4: to overcome. And so that's definitely a challenge to beat
[3:13] Speaker 4: the expectations that the market's already placed in. It's difficult.
[3:17] Speaker 4: With Samsung, I wouldn't take it too hard because Samsung
[3:22] Speaker 4: often has a down day the day that it puts
[3:25] Speaker 4: out that initial comment on sales. They did increase ninefold,
[3:30] Speaker 4: as you say. So it's certainly, you know, strong for
[3:36] Speaker 4: the moment. And what investors will want to look at
[3:38] Speaker 4: is how long does that stretch out into the horizon? Or,
[3:42] Speaker 4: you know, is there a risk that once again, the
[3:44] Speaker 4: memory chip stocks have a cyclical kind of trading pattern
[3:50] Speaker 4: whereby they start to top out and the long term
[3:53] Speaker 4: picture starts to erode. What they've been doing is trying
[3:56] Speaker 4: to lock in longer term sales into the future with
[3:59] Speaker 4: customers as that will give them more certainty on pricing
[4:03] Speaker 4: and volume as well. So that is something that people
[4:06] Speaker 4: will certainly pay more attention to when we get Samsung
[4:08] Speaker 4: and SK Hynix's earnings reports. I think the other thing
[4:15] Speaker 4: though is just that broader picture of that anxiety over
[4:19] Speaker 4: funding costs because it feels like the companies almost see
[4:25] Speaker 4: this as a whatever it takes kind of mission right now.
[4:31] Speaker 4: If you're going to charge me 11% for my loans
[4:35] Speaker 4: so that I can build my data center, so be it.
[4:38] Speaker 4: I need to build this data center no matter what.
[4:40] Speaker 4: But that's going to squeeze margins and make the profitability
[4:43] Speaker 4: and the investment case harder for investors to stomach.
[4:48] Speaker 1: Is there the view that we're going to continue to
[4:49] Speaker 1: see upward pressure on treasury yields, whether we're talking about
[4:53] Speaker 1: the US treasuries or even in the case of Japan, JGBs,
[4:57] Speaker 1: that There is still so much inflation concern right now,
[5:00] Speaker 1: particularly when you look at the price action in crude oil.
[5:04] Speaker 1: Yields are probably going to remain at elevated levels. To
[5:06] Speaker 1: your point about funding cost, you've got to look at
[5:09] Speaker 1: what the curves are telling us, right?
[5:11] Speaker 4: Yeah, that's certainly going to matter a lot in terms
[5:13] Speaker 4: of that fundraising in the credit space. Market positioning would
[5:19] Speaker 4: suggest that people still see the potential for U.S. yields
[5:22] Speaker 4: to go higher. People have been reloading their shorts in
[5:26] Speaker 4: recent days. But, you know, we have got two pretty
[5:30] Speaker 4: high levels and I think more and more voices are
[5:33] Speaker 4: also emerging, suggesting that these yields it's worth buying. Even
[5:40] Speaker 4: if there's a chance that we get slightly higher yields
[5:42] Speaker 4: from here, you're protected to a certain extent by those
[5:46] Speaker 4: regular payments now. So the sort of longer term horizon
[5:51] Speaker 4: for bonds starts to look a little bit more appealing
[5:53] Speaker 4: and rosy. We had a strong US 30 year auction.
[5:57] Speaker 4: on Thursday, and the market responded pretty favorably to that
[6:01] Speaker 4: as well. So it seems that there's two-way risk right now.
[6:05] Speaker 4: I think what you pointed to, though, Doug, is really
[6:08] Speaker 4: the crucial key for us to watch out for in
[6:11] Speaker 4: terms of where the bond market's going, and that's really
[6:13] Speaker 4: the oil price and the price of those refined products
[6:16] Speaker 4: as well. It had a bit of a jump yesterday,
[6:19] Speaker 4: I'd say, for all the bad news that we had
[6:20] Speaker 4: in the oil markets. It probably was Less extreme than
[6:24] Speaker 4: people might have feared. It wasn't the sort of volatility
[6:27] Speaker 4: that we saw when we were at the start of
[6:28] Speaker 4: the war in the Middle East. Even though there was,
[6:32] Speaker 4: I'll give you a little list, there was the potential
[6:36] Speaker 4: or reports of the US sizing up options for another
[6:40] Speaker 4: attack on Iran. There was a strike on Tanka near Qatar,
[6:44] Speaker 4: which is deep into the Gulf of Hormuz, which we
[6:47] Speaker 4: haven't seen for a month or so. There's escalating tension
[6:50] Speaker 4: between Saudi and the Yemeni Houthis. There was the storm
[6:55] Speaker 4: in the Gulf of Mexico, which has shut in some
[6:58] Speaker 4: production as well. So several factors. And then if you
[7:01] Speaker 4: look at the cost of shipping as well, that's really
[7:03] Speaker 4: spiking higher. So oil traders have a lot to digest
[7:09] Speaker 4: at the moment. And if that translates into higher oil prices,
[7:11] Speaker 4: you're right that that will automatically happen. put more pressure
[7:15] Speaker 4: or more upward pressure on bond yields around the world.
[7:17] Speaker 1: And to the point that you're making in New York trading,
[7:19] Speaker 1: I think we had WTI up more than three and
[7:22] Speaker 1: a half percent. We're down a bit right now in
[7:25] Speaker 1: Asian trading. And you mentioned that we do have price
[7:28] Speaker 1: action today in Japan. The market is obviously up and
[7:31] Speaker 1: running on the last day of the trading week, and
[7:33] Speaker 1: we're basically getting the earnings season underway. Is it off
[7:37] Speaker 1: to a strong start, would you say, in Japan?
[7:40] Speaker 4: I think that we'll need to see more numbers before
[7:42] Speaker 4: we really get much certainty there. What we have this
[7:46] Speaker 4: week that sort of jolted the trading a little bit
[7:48] Speaker 4: in Japan and made it a little bit more difficult
[7:50] Speaker 4: to read was this big rebalancing of the topics index,
[7:54] Speaker 4: whereby more than 600 of the smaller companies are most
[8:01] Speaker 4: likely going to get culled from the index. There's a
[8:04] Speaker 4: little bit of a review period, but they're basically on
[8:07] Speaker 4: watch and that should make it overall more accessible for
[8:11] Speaker 4: international investors. But in the meantime, there's going to be
[8:13] Speaker 4: some adjustments and some jockeying for positions there.
[8:18] Speaker 1: Talk to me a little bit about the macro story
[8:21] Speaker 1: in Japan. I was reading on the Bloomberg Terminal that
[8:24] Speaker 1: a second supplementary budget is being considered and maybe the
[8:28] Speaker 1: Japanese government presses ahead with plans to cut the consumption tax.
[8:32] Speaker 1: Do you think that's likely and will it have any
[8:34] Speaker 1: meaningful impact?
[8:36] Speaker 4: Bond investors certainly don't like to hear things like that
[8:39] Speaker 4: at the moment. I think that the government was quick
[8:44] Speaker 4: to stress that any second supplementary budget would be small
[8:48] Speaker 4: and incremental, so not a massive impact on issuance. But
[8:52] Speaker 4: then they would say that, wouldn't they? I suppose you
[8:54] Speaker 4: could say on the flip side, you know, the bond
[8:56] Speaker 4: market does not want to see the government blowing wider
[8:59] Speaker 4: its deficit. But the Takeuchi administration wants to promote growth.
[9:05] Speaker 4: So they've got a difficult balancing act here to keep
[9:07] Speaker 4: those bond investors on side while pushing for growth and
[9:10] Speaker 4: trying to outgrow the debt by really, you know, kind
[9:14] Speaker 4: of finding ways to expand more rapidly. I think, you know,
[9:20] Speaker 4: Japan is just at this really interesting moment right now.
[9:23] Speaker 4: So Takeichi has been talking about the idea that it
[9:26] Speaker 4: no longer needs a reflationary policy, that inflation is back
[9:30] Speaker 4: and established in the system now. and we are seeing
[9:34] Speaker 4: wage increases, maybe more in cities than in rural areas.
[9:39] Speaker 4: But the question is, how much does that translate into
[9:42] Speaker 4: customer demand? Are people willing to stomach higher prices? Again,
[9:46] Speaker 4: probably more so in the cities than in the rural areas.
[9:50] Speaker 4: And so you get a little bit of a pushback
[9:54] Speaker 4: on that in some places. Not everybody is on board
[9:58] Speaker 4: just yet with the idea that inflation is a good thing.
[10:02] Speaker 4: And that's going to matter a lot for the companies
[10:05] Speaker 4: that are selling stuff into the Japanese economy and how
[10:08] Speaker 4: well they can prosper in this period.
[10:11] Speaker 1: What does it tell us about the currency? You know,
[10:13] Speaker 1: the yen has been so volatile lately. One day it
[10:17] Speaker 1: seems to have strengthened quite a bit against the greenback.
[10:19] Speaker 1: Another day you turn around and it's showing weakness. We're
[10:22] Speaker 1: trading at around a 158 handle at the moment. Is
[10:25] Speaker 1: there some conviction here as it relates to the direction
[10:30] Speaker 1: of the yen?
[10:31] Speaker 4: Well, the yen is cool a little bit between... all
[10:38] Speaker 4: the reasons for it to remain under pressure, you know,
[10:41] Speaker 4: the lower Japanese yields relative to the US being one
[10:44] Speaker 4: of the big ones, the higher oil price and the
[10:46] Speaker 4: cost of importing oil being another one. And, you know,
[10:50] Speaker 4: sort of the relative growth outlook as well. But on
[10:55] Speaker 4: the other side of that, you've got this thread of
[10:56] Speaker 4: intervention hanging over the market. The Japanese authorities have been
[11:01] Speaker 4: relatively aggressive on that. and the fact that the US
[11:05] Speaker 4: has been on side with it as well, gives investors
[11:08] Speaker 4: pause for thought. So actually, you're right, it wobbles around
[11:12] Speaker 4: a lot, but we've been stuck at this 158-ish level
[11:14] Speaker 4: for a while now. The more people that we speak to,
[11:20] Speaker 4: I think, have a view that the trend hasn't been
[11:24] Speaker 4: broken yet for the yen to move weaker and that
[11:26] Speaker 4: there will be more tests of the ability of the
[11:30] Speaker 4: authorities to support it. I think the other thing that's
[11:33] Speaker 4: a real problem for Japan is although the BOJ is
[11:35] Speaker 4: starting to be more aggressive in hiking interest rates, which
[11:38] Speaker 4: it really needs to be in order to convince people
[11:41] Speaker 4: to bring money into the Japanese economy, the problem is
[11:44] Speaker 4: the rest of the world is also hiking now. So
[11:47] Speaker 4: they don't just need to hike, but they also need
[11:49] Speaker 4: to try to keep pace with what everybody else is doing.
[11:52] Speaker 1: Okay, Paul. Good stuff. We'll leave it there. Thank you
[11:54] Speaker 1: so very much. Bloomberg's Paul Dobson. He is Executive Editor
[11:57] Speaker 1: for Asia Markets. joining from Singapore here on the Daybreak
[12:01] Speaker 1: Asia podcast. Welcome back to the Daybreak Asia podcast. I'm
[12:12] Speaker 1: Doug Krisner. And as I mentioned a moment ago, OpenAI
[12:16] Speaker 1: is on track to generate annualized revenue of roughly $ 50
[12:19] Speaker 1: billion based on its current performance. It's an uptick from
[12:23] Speaker 1: the prior year, but less than the near $ 70 billion
[12:26] Speaker 1: in some recently reported estimates. This news on OpenAI in
[12:30] Speaker 1: turn sparked selling among semiconductor stocks. And that's where we
[12:35] Speaker 1: begin our conversation with Seema Shah. Seema is Chief Global
[12:38] Speaker 1: Strategist at Principal Asset Management. She spoke with Bloomberg TV
[12:42] Speaker 1: host Avril Hong.
[12:43] Speaker 3: So you're a.
[12:44] Speaker 2: Firm believer of the AI CapEx cycle, but we are
[12:47] Speaker 2: seeing those concerns given OpenAI's growth versus IPO getting pulled.
[12:52] Speaker 2: I mean, what is that looking like to you in
[12:55] Speaker 2: terms of potential signs there are cracks in the AI
[12:57] Speaker 2: boom and the funding?
[12:59] Speaker 3: Yeah, I think actually the latest news of OpenAI is
[13:02] Speaker 3: somewhat more concerning because you can see that a lot
[13:04] Speaker 3: of the AI CapEx build out around infrastructure data centers
[13:08] Speaker 3: is really based on these expectations that these companies are
[13:10] Speaker 3: going to be in terms of the demand for AI.
[13:13] Speaker 3: So this is certainly a worry. The thing that we
[13:14] Speaker 3: have seen in the last 18 months or so is
[13:16] Speaker 3: that you continue to get waves of bad news around AI,
[13:19] Speaker 3: around the whole tech trade. And then it typically settles
[13:22] Speaker 3: down after a couple of days and the market reverts
[13:24] Speaker 3: to really the optimism. But these waves are getting closer
[13:28] Speaker 3: and closer together. They're becoming more and more frequent. And
[13:30] Speaker 3: I think it is having a bit of an impact
[13:32] Speaker 3: on the investor sentiment side. Now, from our perspective, a
[13:36] Speaker 3: lot of the investment interest has been not necessarily on
[13:39] Speaker 3: the hyperscalers It's been on the entire build-out, the whole
[13:43] Speaker 3: global ecosystem around the AI trade. So whether that's on
[13:46] Speaker 3: the infrastructure side, whether that's, for example, on the cooling centers,
[13:50] Speaker 3: there's so much to be done. But this is a concern.
[13:52] Speaker 3: So we can see that I think this is going
[13:54] Speaker 3: to have maybe a more meaningful impact on the trade.
[13:57] Speaker 3: But I don't think it disappears by any means.
[13:58] Speaker 2: So what do you do? Do you have to go
[14:00] Speaker 2: more granular into the AI supply chain for investments then?
[14:03] Speaker 2: Because the big names are looking a bit toppish.
[14:06] Speaker 3: Yeah, so I think one of the things that we've
[14:08] Speaker 3: been seeing over the last couple of years is that anything,
[14:10] Speaker 3: of course, that had the word tech associated with it
[14:13] Speaker 3: would do well. And then you had a number of
[14:15] Speaker 3: companies that didn't necessarily have it associated with it, be
[14:18] Speaker 3: left behind, despite them having really strong fundamentals. The implication
[14:22] Speaker 3: of that is that valuations for a number of companies
[14:24] Speaker 3: are actually pretty attractive and they've got these solid fundamentals.
[14:29] Speaker 3: So what we're trying to focus on is what are
[14:31] Speaker 3: the second round beneficiaries? So who are the companies that
[14:33] Speaker 3: are adopting it and who stand to gain? And from
[14:36] Speaker 3: that perspective, we can go across a number of different
[14:38] Speaker 3: sectors beyond just the CapEx build-up, but to that second round,
[14:42] Speaker 3: the healthcare, the agriculture, industrials, financials that have adopted and
[14:47] Speaker 3: still stand to gain from the productivity aspect.
[14:49] Speaker 2: Even here in Asia, where maybe there is a bit
[14:52] Speaker 2: more sensitivity to high yields and the energy concerns, how
[14:57] Speaker 2: okay do you think markets are going to be with
[15:00] Speaker 2: yields above five? We're looking at the 10-year at 5.2%.
[15:03] Speaker 3: Yeah, it's a great question. I think this is really
[15:05] Speaker 3: topical in Asia at the moment. I've heard a lot
[15:07] Speaker 3: of concerns at the Milken conference about this specific topic.
[15:10] Speaker 3: I have to say, to our mind, actually, the bond
[15:13] Speaker 3: sell-off itself is not going to be something which is
[15:16] Speaker 3: going to hold back the AI trade. When we think
[15:18] Speaker 3: about the returns that people are expecting, they're so high
[15:21] Speaker 3: that even a 6% yield on 10-year treasury yields is
[15:24] Speaker 3: not going to be enough of a deterrent. There are
[15:26] Speaker 3: other segments, but the bond sell-off itself isn't a concern
[15:29] Speaker 3: for us.
[15:30] Speaker 2: Okay, what is a concern then? You sit in London,
[15:32] Speaker 2: where neighboring France is showing those warning signs with the
[15:37] Speaker 2: fiscal issues. What is that going to look like in
[15:40] Speaker 2: terms of European debt? How do you position globally in
[15:43] Speaker 2: debt markets?
[15:45] Speaker 3: So the debt issue within Europe, specifically for France, has
[15:48] Speaker 3: been well known. The thing that we didn't know is
[15:50] Speaker 3: when it was really going to hit markets, that realization
[15:52] Speaker 3: that things would be getting difficult. From here, the French
[15:56] Speaker 3: situation is very difficult to be resolved in the near term.
[16:00] Speaker 3: The ECB will have its tools, and certainly at some
[16:03] Speaker 3: point there could be some kind of intervention, although they
[16:05] Speaker 3: have shown some significant reluctance for good reasons. The fiscal concerns, though,
[16:11] Speaker 3: it does permeate across the region. There have been pockets
[16:14] Speaker 3: of real strength, good news stories. If you think about
[16:17] Speaker 3: Italy and Spain, where you've seen, although they're considered the peripherals,
[16:21] Speaker 3: actually from a fiscal side they have improved. The other
[16:23] Speaker 3: good part of it is that Germany, despite the fact
[16:26] Speaker 3: that it's shifted from fiscal austerity to fiscal spending, you've
[16:29] Speaker 3: seen German bund rally. And I think that goes to
[16:32] Speaker 3: show that it still holds that safe haven status. So
[16:35] Speaker 3: you have to be very specific, selective within Europe where
[16:39] Speaker 3: you're going to be looking. We're continuing to look for
[16:43] Speaker 3: European banks. You want to be avoiding some exposure to some.
[16:47] Speaker 3: Certainly this, again, this is a selective market. But the
[16:50] Speaker 3: thing that we have, again, seen over recent years is
[16:52] Speaker 3: that because of the European debt crisis, because of the
[16:56] Speaker 3: financial crisis, the banking crisis in previous years.
[16:58] Speaker 2: The lessons learned.
[16:59] Speaker 3: Well, European banks have been left behind in terms of
[17:02] Speaker 3: investor sentiment. They've almost ignored it as a specific asset
[17:05] Speaker 3: class with credibility. And yet when you look at the
[17:08] Speaker 3: stress test, they've continued to actually be pretty strong. So
[17:11] Speaker 3: this is an area that we think has got attractive valuations.
[17:15] Speaker 3: You've actually seen the European banking system perform pretty well
[17:18] Speaker 3: in recent years.
[17:19] Speaker 2: What is the French debt sell-off looking like for implications
[17:23] Speaker 2: in Asia, though? Because there's talk about maybe this prompts
[17:25] Speaker 2: some repatriation to Japan. Japanese investors are holders of European debt.
[17:32] Speaker 3: Yeah, you know, this is, again, this has been one
[17:33] Speaker 3: of those structural trends that we've been looking at from
[17:36] Speaker 3: an investment side in terms of what's going on in
[17:38] Speaker 3: Asia as well. You're absolutely right. So if Japanese investors
[17:42] Speaker 3: have been significant holders of French debt for a number
[17:45] Speaker 3: of years. This certainly doesn't help the story when there's
[17:47] Speaker 3: already a trend towards repatriation, particularly because this is concerns
[17:52] Speaker 3: around a fiscal situation that doesn't look like it can
[17:54] Speaker 3: be resolved in the near term. So certainly this is
[17:57] Speaker 3: adding to that narrative that you're likely to see repatriation
[18:01] Speaker 3: going back into Japan. And actually, there are, again, there's
[18:04] Speaker 3: really interesting investment opportunities within the Japanese space both from
[18:08] Speaker 3: an AI beneficiary side and actually part of the build-out.
[18:11] Speaker 1: That was Seema Shah, Chief Global Strategist at Principal Asset Management,
[18:15] Speaker 1: speaking with Bloomberg TV host Avril Hong, bringing you their
[18:18] Speaker 1: conversation here on the Daybreak Asia podcast. Thanks for listening
[18:24] Speaker 1: to today's episode of the Bloomberg Daybreak Asia Edition podcast.
[18:28] Speaker 1: Each weekday, we look at the stories shaping markets, finance,
[18:32] Speaker 1: and geopolitics in the Asia-Pacific. You can find us on Apple, Spotify,
[18:36] Speaker 1: the Bloomberg Podcast YouTube channel, or anywhere else you listen.
[18:40] Speaker 1: Join us again tomorrow for insight on the market moves
[18:43] Speaker 1: from Hong Kong to Singapore and Australia. I'm Doug Krisner,
[18:48] Speaker 1: and this is Bloomberg.

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.