The AI Trade Is Global: Derek Yan on Dollar Weakness, EM Tech, and Hidden Concentration Risk

In this episode of Lead-Lag Live, I sit down with Derek Yan, Senior Investment Strategist at KraneShares, to explore how the next phase of the AI boom may be driven by emerging market technology companies rather than US mega caps alone.

With nearly 40 percent of the S&P 500 concentrated in just ten names, Derek explains why investors may be underexposed to critical parts of the global AI supply chain, including semiconductor manufacturing, memory production, and materials essential to infrastructure buildout.

We also discuss how a weakening US dollar has historically acted as a powerful tailwind for emerging market equities and why improving fundamentals, lower valuations, and AI-linked demand could position EM technology for a multi-year cycle of outperformance.

In this episode:
– Why S&P 500 concentration is near decade highs
– How emerging markets drive AI manufacturing
– Why memory chips are a bottleneck in AI growth
– How a weaker dollar benefits EM equities
– Where advisors may be missing diversification

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