Brokerage firms view AI Supercycle as unlocking global investment opportunities and recommend using DRs to build a portfolio of non-top-tier stocks, capitalizing on megatrends in Q2.

Analysts see continued volatility in the global economy due to interest rates, geopolitics, and trade wars, but spot significant opportunities in technology and AI stocks. They recommend Thai investors use Depositary Receipts (DRs) and DR01s as tools to access leading global stocks, diversifying investments across the US, China, and Asia to generate long-term returns amidst the AI ​​Supercycle.

พฤษภาคม 10 2569 bank finance Organize a seminar at the event. The 26th Money Expo 2026 Bangkok. At IMPACT Challenger, Muang Thong Thani, led by... Mr. Jetathorn Songmuang, CFA, Senior Director of Quantitative Studies, Yuanta Securities (Thailand) Co., Ltd. Mr. Peeranat Yuenyongpisit, CFA, Manager, International Securities Business Division, Bualuang Securities Public Company Limited. Participate in a seminar on the topic: DR Easy Win reveals top-performing foreign stocks in Q2.

Mr. Jetathorn Songmuang, CFA, Senior Director of Quantitative Studies, Yuanta Securities (Thailand) Co., Ltd.

Mr. Jetathorn stated that the overall global economy in 2569 still faces uncertainty from several factors, including interest rate trends, inflation, geopolitical conflicts, and technological changes. However, on the other hand, it also presents investment opportunities in world-class stocks, especially companies that benefit from the Artificial Intelligence (AI) trend, the development of digital infrastructure, and the growth of the Asian economy.

This presentation covered key issues ranging from global economic drivers, investment opportunities in the US and Asian markets, long-term investment themes, and strategies for using Depositary Receipts (DRs) as a tool to access foreign stocks through the Thai stock market.

A key factor influencing investment markets this year is the monetary policy direction of major central banks worldwide, particularly the Federal Reserve System, which is beginning to signal the end of its interest rate hike cycle after continuously raising rates to control inflation in the past. This has led the market to anticipate potential interest rate cuts in the near future, which is a positive factor for risky assets, especially technology and growth stocks.

Meanwhile, global inflation has begun to slow from its peak levels, reducing pressure on monetary policy and supporting lower financing costs for businesses, as well as contributing to the growth of corporate profits in the coming period.

The U.S. economy remains strong, supported by private consumption, the labor market, and technology investment. This allows leading global companies to continue growing, especially large technology companies such as NVIDIA, Microsoft, Alphabet, Amazon, and Meta Platforms, which directly benefit from the expansion of AI and cloud computing.

Furthermore, while international conflicts and technological competition among major powers remain risk factors to monitor, they have become significant drivers of investment in strategic industries such as semiconductors, energy, and defense systems.

Mr. Jetathorn also believes that the US stock market remains a primary destination for global investors due to its innovative companies with high growth potential, strong financial positions, and highly liquid capital market. Meanwhile, Asian markets also show long-term growth potential, particularly China, where the government continues to implement economic support measures; India, boosted by its large working-age population and infrastructure investment; and ASEAN countries, which benefit from the relocation of manufacturing bases and foreign direct investment (FDI).

For attractive long-term investment themes, the Yuanta Quantitative team emphasizes key megatrends including AI, semiconductors, cloud computing, data centers, clean energy, as well as healthcare and biotechnology. These are business sectors with high growth potential driven by changes in the global economy.

Regarding investment through DRs, Mr. Jetathorn stated that DRs are securities listed and traded on the Stock Exchange of Thailand and are referenced to foreign stocks. They provide Thai investors with easier access to global stocks, trading in Thai baht through Thai stock accounts, eliminating the need to open foreign accounts or exchange foreign currency. Furthermore, they require a low initial investment and allow for diversification into multiple countries such as the United States, China, Hong Kong, Japan, and other markets worldwide.

The Yuanta Quantitative team recommends that investors use DRs (Depositary Receipts) as a tool to build a global portfolio, focusing on investing in high-quality companies with long-term growth potential, diversifying investments across multiple regions, and investing in megatrend themes with continued growth opportunities, especially AI and advanced technologies.

At the end of the presentation, outstanding DRs (Depositary Receipts) for portfolio allocation were selected, focusing on large-cap US technology stocks, leading AI and semiconductor stocks, high-growth Asian market stocks, as well as funds and ETFs diversified across specific themes.

Mr. Jetathorn concluded by saying that investing abroad is no longer complicated. Thai investors can use DRs (Depositary Receipts) as a tool to access global companies and effectively build diversified investment portfolios across multiple countries and industries. This is especially important in a global economy driven by AI technology, the development of digital infrastructure, and the growth of the Asian economy, which will be key factors in creating opportunities for long-term returns in the future.

Mr. Peeranat Yuenyongpisit, CFA, Manager, International Securities Business Division, Bualuang Securities Public Company Limited.

Mr. Peeranat stated that the overall global economy in 2569 will continue to be driven primarily by geopolitical factors, especially the trade tariff policies of US President Donald Trump and the tensions between the US and Iran, which directly impact energy prices, inflation, and monetary policy in major economies worldwide.

Despite continued international conflicts creating volatility in markets, the MSCI World Index continued its upward trend, reflecting investors' greater emphasis on the growth prospects of listed companies' earnings than on short-term risks from global political situations.

Another factor to closely monitor is the situation in the Strait of Hormuz, a vital global oil shipping route. If shipping does not return to normal, it could significantly impact oil supply and drive up energy prices. The resolution of the situation also depends on the progress of the nuclear agreement negotiations between the United States and Iran.

The rise in oil prices is beginning to be reflected in the U.S. Consumer Price Index (CPI), causing markets to lower expectations for interest rate cuts from the Federal Reserve System and shift their focus to other concepts. “Higher for Longer” Or, maintaining high interest rates for a longer period than originally expected.

However, despite pressure from war and trade protectionist measures, many stock markets still generated outstanding returns, particularly those related to artificial intelligence (AI) and technology industries, such as South Korea, Taiwan, and India, which were driven by projected earnings per share (EPS) growth of an average of 18.6% in 2569.

Mr. Peeranat stated that global investments at this time should focus on comparing earnings growth with stock valuation (Growth vs. Valuation). The US market remains strong in terms of earnings, even though prices are high, while China is becoming more attractive due to recovering earnings and valuations that are not expensive compared to its future potential.

Regarding its most prominent investment theme, Bualuang Securities views AI as entering an “AI Supercycle,” comparable to major technological revolutions in the past that transformed the global economic structure. Investment opportunities span the entire value chain, from energy, processors, memory, data centers, cloud systems, AI models, to commercial applications.

NVIDIA CEO Jensen Huang explained the AI ​​industry structure using the Five-Layer AI concept, comprising five layers: Energy, Chips and Memory, Infrastructure (such as data centers and cloud systems), Large-scale Models, and Applications. This reflects the fact that the growth of AI will benefit companies across multiple industries, not just large-scale model developers.

Mr. Peeranat stated that while the United States still leads in AI due to its advantage in advanced chips and investments from large technology companies such as NVIDIA, Microsoft, Alphabet, and Amazon, China is rapidly closing the gap by leveraging its advantages in data, personnel, and development costs that are approximately 5–7 times lower than those of the United States.

Meanwhile, the arrival of agentic AI, capable of planning and executing multiple tasks autonomously, will significantly increase the demand for graphics processing units (GPUs), memory, data centers, and power. The company projects that revenue from AI inference will grow at an average rate of 41.8% per year during 2569–2573, significantly outpacing the growth of the AI ​​training market.

For investment strategies, the company recommends that investors use Depositary Receipts (DR01) as a tool to access international stocks and indices through the Stock Exchange of Thailand without having to open a foreign investment account or exchange foreign currency themselves. Interesting investment themes include semiconductors, software, internet platforms, e-commerce, future automobiles, consumer technology, healthcare technology, businesses supporting longevity, and luxury brands.

Examples of DRs that have garnered attention include GOOGL01, MSFT01, NVDA01, AMZN01, BABA01, TENCENT01, ASML01, CATL01, and STAR5001, which are DRs referencing Chinese technology stock indices on the STAR Market and have a high investment proportion of 83.7% in the information technology sector.

Furthermore, the DR returns in 2569 reflect the outstanding performance of the AI ​​and semiconductor themes, with MICRON01 yielding a return of up to 105%, while ASML01 increased by 48%, CATL01 by 31%, GOOGL01 by 30%, and STAR5001 by 25%.

Mr. Peeranat concluded by saying that although the world still faces risks from war, inflation, and trade protectionism, the AI ​​trend is creating significant investment opportunities in global capital markets. Thai investors can use DR01 as a tool to build a global investment portfolio, diversifying investments across the United States, China, and emerging markets to effectively increase the chances of generating long-term returns under the AI ​​Supercycle.