AI Tech outshines China and Commodities: Emerging-Frontier Equity Monthly – May

  • AI-led tech soars, Nvidia up 36%, TSMC up 10%, but global growth concern drags China, oil, copper down 8%, 9%, 4%

  • No single theme leads in 2023: strong sovereigns, manufacturing, commodities, tourism, tech, reform all have a place

  • EM and FM still cheap: top country picks China, Korea and Taiwan in large EM, and Vietnam, Dubai and Hungary in small EM
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