EVENTS:   YOLO until IPO - Marko Papic/BCA Research - 30 Jun 26   Best Equity Short Ideas Conference Call 14 - Robert Prather/Vision Research & Pierre-Olivier Essig/AIR Capital & Makay Redd /Oxford DataPlan & Zach Shannon/Corto Capital Advisors & Russell Waller/New Street Research & Tom Beevers/Forensic Alpha - 02 Jul 26     ROADSHOWS: Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   02 - 03 Jul 26       Semiconductors Coverage and Ideas - Kevin Cassidy /Rosenblatt Securities   •   London   08 - 09 Jul 26      

What The Chip Boom Means for Macro Markets in Asia

East Asia Econ

Wed 08 Jul 2026 - 10:00 EDT / 15:00 BST / 16:00 CEST

Topics

• The surge in semiconductor exports is having a huge impact on both Taiwan and Semiconductor exports are having a huge impact in Taiwan and Korea, but the macro effects differ.

• Korea fits a commodity boom framework, while Taiwan also reflects a productivity boom.

• A Balassa-Samuelson framework is more relevant for Taiwan, pointing to stronger real exchange rates and a higher neutral real interest rate.

• KRW weakness and a flat TWD look misplaced given the scale of tech capex and employment

FX should be moving, or inflation and interest rates will rise.