Making an Independent Call on Asia Hardware in Early 2026
Researched global markets independently and moved personal portfolio into emerging market Asia based on an AI supply chain thesis.
Shrey Solanky
Equity Research Analyst at JPMorganChase
From their time as
Equity Research Analyst
JPMorganChase • 2024
Overview
At the start of 2026, Shrey recognized that his personal portfolio was entirely concentrated in Indian equities. The Indian market had performed well in prior years, but the environment through 2025 was cooling, and two macro themes were becoming dominant: the AI infrastructure build-out and the de-globalization of global trade. A single-country portfolio felt like a concentrated bet in that context.
The Story
At the start of 2026, Shrey recognized that his personal portfolio was entirely concentrated in Indian equities. The Indian market had performed well in prior years, but the environment through 2025 was cooling, and two macro themes were becoming dominant: the AI infrastructure build-out and the de-globalization of global trade. A single-country portfolio felt like a concentrated bet in that context.
He researched the alternatives systematically. He looked across emerging markets and developed markets, assessing what each offered in the current macro environment.
The consensus at the time was heavily focused on US hyperscalers. Shrey's read was different. He had been working on the AI supply chain thematic at J.P. Morgan and saw that the rally had not yet broadened into the hardware layer. Korea's memory stocks and Taiwan's semiconductor fabs were the critical bottlenecks in the AI supply chain and were not yet receiving the same attention as the hyperscalers. The thesis was about where the next leg of the rally would go.
Because of J.P. Morgan's personal trading restrictions, he executed the view through Indian mutual funds with global exposure, buying into emerging markets and Asia-Pacific funds. The call played out, with those funds performing well through the period.