Geopolitical risk is often seen as a market threat, yet the rivalry between Washington and Beijing is driving a wave of investment opportunities. The US push for re-industrialization is boosting demand for Asian exports in sectors such as shipbuilding, power generation and semiconductors while China’s investment in "new productive forces" accelerates its high-end manufacturing upgrade.

Timothy Moe, chief Asia-Pacific equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast. Moe explains why technology will remain a dominant theme in 2026 and why the firm is overweight Asia ex-Japan, forecasting the region will outperform the US and Europe. He also details why South Korea remains his top pick, citing 35% projected earnings growth and reasonable valuations, and outlines the rationale for his recent upgrade of India.

This will also be our last episode for 2025 and we will re-commence on January 8 with a new line up of exciting speakers.

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SoftBank is doubling down on artificial intelligence with a $30 billion commitment to OpenAI and ambitious plans for Stargate – even as risks mount. After a 200% surge earlier this year, shares tumbled 40% in November when Google’s Gemini 3.0 gained traction, threatening ChatGPT’s dominant position in the AI race. Credit stress is rising, with CDS widening to nearly 300 basis points as funding concerns build. Investors and creditors are increasingly uneasy as OpenAI now accounts for about 20% of SoftBank’s net assets, turning what was once seen as a bold growth play into a potential source of concentrated risk.

Bloomberg Intelligence equity analyst Kirk Boodry and credit analyst Sharon Chen join John Lee on the Asia Centric podcast. Together they unpack SoftBank’s AI ambitions, its reliance on margin loans and the implications of circular financing. They also weigh up Masayoshi Son’s track record – spectacular wins such as Alibaba and painful failures like WeWork – against his latest AI gamble.

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It’s time to look ahead and make bold predictions for Asia in 2026. After a standout year, Asian equities are on track to beat the S&P 500 by the widest margin in eight years. Can the rally continue, and which markets will lead? Are investors overlooking US funding stress, potential QE, and the risks behind multi-decade tight credit spreads? And what’s next for Asian currencies and gold?

Asia Centric convenes Bloomberg Intelligence strategists for a forward-looking discussion. Host John Lee is joined by Senior Equity Strategist Marvin Chen, Chief Asia FX Strategist Stephen Chiu and Senior Credit Strategist Timothy Tan as they unpack AI-driven growth, shifting currency dynamics, structural liquidity risks, and the potential repatriation of trillions in global capital back to Asia.

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