This report examines the rapid advancements in Artificial Intelligence (AI), particularly the emergence of large language models like OpenAI's ChatGPT and their impact on the technology sector. It provides a comprehensive overview of key industry players and analyzes their influence on stock markets in the US and China. Notable AI proxy stocks include NVIDIA, AMD, Microsoft, Meta, Google and TSMC listed in the US, and SenseTime, Baidu and Tencent listed in Hong Kong.

In Volume 43, issued March 14, 2024, we highlighted the Hang Seng Index's attractive valuation at a P/E ratio of 8x, which rose to 9.5x by May 20, 2024, after a 16% rally driven by supportive policies. Volume 45 continues our analysis, focusing on the factors from April and May 2024 that fueled the index’s recovery and examining how regulatory changes, geopolitical tensions, and economic stimuli have influenced the Hong Kong capital market from 2020 through 2024.

China has been proactively rolling out supportive policies geared towards stabilizing its stock market and sustaining economic growth. In this edition, EquitiesFirst provides an overview of these recent initiatives and their impact on the country’s economic climate in 2024.

Thailand’s performance in 2023 was highlighted by fluctuations in the local equity market and a significant slowdown in inflation. This volume recaps market trends in Thailand over the past year and how EquitiesFirst’s asset-backed financing can help investors capitalize on the country’s resurgence that is expected to continue in 2024.

EquitiesFirst's financing model involves temporary share transfers as part of the loan process. This volume serves to provide updates on the latest data and insights, offering a comprehensive understanding of title transfers and the advantages of EquitiesFirst's lending model over traditional banks and other lenders.

As HNWI increases, the potential is there for External Asset Managers (EAM) to capture greater market share with their advantage of offering a wider range of products compared to private bankers. This volume elaborates how partnering with EquitiesFirst can reinforce EAMs’ strengths to stand out from the crowd.