The new trade on the block
Mizuho’s Sean Darby is basically saying the market’s next long-term theme might look a lot less glamorous than AI chips and a lot more like cranes, pipes, turbines, and other industrial heavy lifting. In other words: not every winning trade is a shiny server rack.
Why this matters
The catalyst here is geopolitics. Tensions in the Middle East are nudging investors and governments toward more LNG and energy infrastructure, which tends to pull in a bunch of industrial names that build, transport, and support that whole ecosystem.
For South Korea, that could be a decent setup. The country has a deep industrial base, so if reindustrialization keeps gaining traction, Korean companies may be in the catbird seat instead of just riding the semiconductor wave.
The investor angle
The real takeaway is that the market may be expanding the definition of “must-own Asia exposure.” If industrials start getting the same love semis have enjoyed, you may want to look beyond the obvious chip trade and ask who actually gets paid to build the stuff.
Big picture: sometimes the next big theme is less “future is here” and more “somebody’s got to pour the concrete.”