저자: EdYardeni · 외국인
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엔비디아 호실적과 AI 수요 강세가 시장을 견인하지만, 빅테크들의 GPU 대규모 투자가 수익성을 압박할 수 있음. 인도 시장은 선거 이후 안정적 정권 이양 기대로 상승 여력이 있으나 이미 호재 상당 부분이 반영됐고, 중국 대비 밸류에이션 부담이 있음. 외국인 자금은 선거 리스크보다 구조적 성장성 때문에 인도로 복귀할 것으로 봄.
다듬은 글
all right well Ed yini is president at yini research time I mean you know last week and the big talking point of course was the Nvidia numbers uh and uh you know the upgrades it's seen and the continued momentum uh it's like the big uh leader for everything AI related uh right so you know and we've been talking about this US market concentration for a while uh what's your sense I mean does it give you because it's been such a big important driver for the market overall in the US does it give you confidence that the market there perhaps continues to do well because it lifts so many other boats along with it well it has but as you point out uh even Among The Magnificent Seven Nvidia stands out not all of them are doing anywhere near as well as well as Nvidia the other thing we have to recognize is the reason Nvidia is doing so well is because other technology companies are spending a huge amount of money on its GPU chips and so there's a lot of capital spending that's going to be weighing on the technology profitability of some of the other companies so I think you know this uh this idea that everybody's going to benefit from AI we have to recognize that there's going to have to be a lot of money spent just to develop it okay Ed hi good morning all eyes will be on the Indian markets as we head into the election uh counting day on the 4th of June which is next week and you know this runup has been pretty solid I mean our markets have been at record highs um in tandem of course with global markets but your thoughts on how one should approach it given that we have a big event upon us well I think the Market's discounted a lot of very very good news and I think uh the mark Market's expecting a fairly smooth political transition after the election that nothing much will will change um so um you know sometimes a market likes certainty rather than uncertainty and that might uh help to keep the the market going to the upside but again it has discounted a lot of very good news and then I think it's going to start to uh get some competition in among Global Investors AS Global Investors look for something somewhat cheaper than India and China stands out there are certainly some signs that the Chinese government is doing everything they can to revive their economy their industrial profits just came out and they are showing some uh signs of recovery hi Ed morning and good to see you but know that's an important Point you're making because if I look at M China well it's outperformed m India and it's outperformed by a good deal it tells you that maybe in fact valuations are becoming a bit of a paino for India but I want to ask you about the flows you know the FI flows coming to India particularly in the last 45 days or so it slowed down dramatically they have turned Sellers and yes it could be because outflows coming out of the Emerging Markets but India has come in for a particular harder hit in the sense the flows are a little higher do you think post the election verdict they return back to India well I think they uh again I don't think there's going to be any big surprise to investors with regards to the election so I don't know that the election is a real issue for foreign direct investment I think these things kind of come come and go I think the basic trend is clearly for more money to go into India by Global Investors SE seeking opportunities uh in an economy that's uh growing rapidly an economy with a relatively young Workforce and an economy that uh is fundamentally capitalistic in in its nature so I think India still got uh going to remain very attractive for foreign direct investors okay on that optimistic note India is going to remain very attractive for foreign investors we'll thank you Ed for joining in and appreciate your time here on CNBC TV8
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