AI Frenzy Helps Asia Tech Exporters’ Stocks Beat U.S. Growth Woes

(Bloomberg) — Investors are snapping up shares of Asia’s technology hardware exporters, bolstered by interest in artificial intelligence and signs that the chip industry is turning a corner.

Rising expectations for an economic slowdown in the U.S. and deepening Sino-American tensions over tech supremacy have done little to dent their rally. A Goldman Sachs Group Inc. basket of Asian exporters to the U.S. — dominated by hardware stocks including SK Hynix Inc. and Taiwan Semiconductor Manufacturing Co. Ltd. — has surged more than 12% this year, compared with a 3% rise in the MSCI Asia Pacific Index and a 7.2% advance in the S&P 500 Index.