Week in review
- China RatingDog Manufacturing PMI declined to 50.9 in July
- Korea inflation rate declined to 2.8% y/y in July
Week ahead
- China Jul inflation rate and PPI
- U.S. Jul inflation rate
- JUK 2Q GDP growth
Thought of the week
The U.S. administration is reportedly preparing restrictions on imports of certain Chinese-made data center components, underscoring how national security concerns are becoming intertwined with the AI infrastructure buildout. The proposed measure would target optical transceivers, a critical part of data centers that enables high-speed data movement across fiber networks. AI capacity expansion depends not only on advanced chips, but also on the broader supply chain of networking, power, cooling, and connectivity equipment. A tighter policy stance could benefit non-Chinese suppliers over time, but it may also raise costs for hyperscalers and complicate deployment timelines if alternative producers lack scale. The restriction is not final and could still be revised or delayed, while whether China responds with countermeasures adds another layer of uncertainty around technology trade flows. Investors should watch whether AI infrastructure leadership increasingly reflects supply-chain resilience and regulatory alignment, not just demand growth.
APAC AI-related industry performance
Price Return

Source: FactSet, MSCI, SEMI, SIA, J.P. Morgan Asset Management. Semiconductors = Semiconductors & Semiconductor Equipment (Info. Tech.); Hardware = market weighted composite of Communications Equipment (Info. Tech.), Electronic Equipment Instruments & Components (Info. Tech.) and Technology Hardware Storage & Peripherals (Info. Tech.); Software = Software (Info. Tech.). Past performance is no guarantee of future results. Data reflect most recently available as of 03/08/2026.
Market data

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All returns in local currency unless stated otherwise.
Currencies’ return are based on foreign currencies per U.S. dollar. An appreciation of the foreign currency against the U.S. dollar would be positive and a depreciation of the foreign currency against the U.S. dollar would be negative.
