00:00Look at the Kospi. We come back from that holiday, we're up some 4%. You have the likes of SK
00:04Hynex now with a $1 trillion market cap and joining the likes of the other two, Samsung and
00:10TSMC. And we continue to see outsides gains for Samsung here today. According to local reports
00:14in Yonghap as well, it seems like they've also reached, when it comes to negotiations on those
00:20wages, there is some sort of deal. So that also clears a pathway for the chip space to continue
00:26to head higher here today. For a broader regional market perspective, we're joined by, let's bring
00:31in David Savage, our MLive strategist here on another day, another tech rally. But there is
00:37more dispersion across the tech space now. Absolutely. And so again, another day, Kospi
00:42is up over 4%. I think we've become immune to the idea that an equity benchmark can be up 4
00:48% in a
00:48day. Even more impressive that, looking under the hood, 80% of the stocks are down on the day in
00:54the Kospi. So parts of the equity complex that are not exposed necessarily to this AI trade,
01:00chips, and certainly the two memory stocks, they're still feeling the impacts of the conflict
01:07and some of those macro headwinds. But the fundamentals also support the dispersion we're
01:12seeing too. So if we look back to Q1, most companies have now reported in Asia-Pacific.
01:18Technology sector, year-over-year earnings growth, 130%. If you look at consumer discretionary,
01:23it's negative year-over-year earnings growth. So investors are definitely facing a bimodal risk
01:32profile, right, where you have a challenge of the conflict still presents real downside risks,
01:39but on the upside, you have equity momentum, flows, earnings growth, all really pushing equities higher.
01:46It's better.
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