The writer is chief Asia economist at Morgan StanleyThe market narrative in Asia has been narrowly focused on the impact of AI on economies and companies. But AI is just one aspect of a much broader shift under way across the region.
Asia is entering an industrial supercycle fuelled by a sustained rise in capital expenditure. This is not just a cyclical rebound tied to strength in tech exports but a capex cycle powered by a structural uptrend in public- and private-sector spending.
While AI and AI-related infrastructure are key drivers, the transition to renewable power, investment in energy security more broadly and rises in defence-related spending will also contribute to a pick-up in industrial capex.
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