The US’ insatiable appetite for AI is lifting currencies halfway around the world.
Currencies from South Korea, Taiwan, and Malaysia — which all export chips or other components used in the AI buildout — have outperformed those in countries less exposed to Silicon Valley’s spending, according to new Goldman Sachs analysis, as the manufacturers recycle US dollars into local currencies.
That has partially shielded them from inflation dynamics hitting other Asian economies and worsened by the Iran war, which has choked off fuel imports: Asia’s refined fuel imports hit a new low in August. South Korea’s August exports rose roughly 70% from last year on a surge in memory demand, new trade data showed Tuesday.
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