Can the Asia Equity Rally Continue?

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 20 May 2026

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

The equity story across Asia has split into two very different paths this year, with North Asian markets pulling ahead on the strength of the artificial intelligence trade while remaining more insulated from the energy supply shock tied to the Middle East. Goldman Sachs Research's Tim Moe explains what is driving the divergence, why he sees the semiconductor memory cycle lasting three to five years, and what could determine whether North Asia's outperformance continues. This episode was recorded on May 19, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at ⁠http://www.gs.com/research/hedge.html⁠ Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	From the Trumpshe meeting in China to the global race for advanced semiconductors,
0:10.0	North Asia is increasingly at the center of both geopolitics and markets.
0:15.0	So what's driving the region's momentum and can it continue?
0:19.0	Welcome to Exchanges, the weekly show where I find out
0:22.0	how we here at Goldman Sachs are making sense of the most consequential events impacting economies
0:27.2	and markets. I'm Alison Nathan. My guest today is Tim Moe, Chief Asia-Pacific Regional Equity
0:36.5	Strategist and co-head of macro
0:38.4	research in Asia in Goldman Sachs Research.
0:41.3	We'll be discussing the implications of the Trump G meeting, the semiconductor chip shortage,
0:46.0	and the broader forces shaping markets across North Asia.
0:49.4	Tim, welcome to exchanges.
0:50.9	Well, thank you so much for having me.
0:52.0	So, Tim, let's start with last week's much-anticipated
0:56.3	summit between President Trump and China's President Xi Jinping. What stood out most to you from those
1:03.0	discussions? I think the key takeaway is that it appears no harm was done. I know that sounds like a very
1:09.6	low bar, but if you want to classify
1:12.0	the various presidential meetings, U.S. presidential meetings with Chinese counterparts,
1:17.5	there's an accepted scholarly classification structure of six different levels, ranging from
1:22.2	most positive and consequential to most negative. And this was in the middle with not really
1:27.1	a lot of major change,
1:28.8	but against the background of tension geopolitically globally and concern over U.S. and China friction.
1:35.6	Just having calm in the relationship, I think was appreciated and desired by both sides.
	...

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