EM earnings broadening beyond AI, VanEck says
VanEck says emerging-market earnings are widening beyond AI, with research pointing to supply-chain strength and opportunities in infrastructure and Latin America. (Read More)
Asanat Analysis — Why it matters
VanEck's observation signals a maturing EM earnings cycle that extends beyond the AI-driven narrative dominating 2024–2025. Supply-chain diversification away from China and infrastructure spending—particularly in Latin America—represent structural shifts rather than cyclical rebounds. In crypto terms, this matters because blockchain infrastructure plays increasingly into cross-border trade settlement and asset tokenization, especially in regions with weaker legacy financial rails.
The thesis also implies reduced dependence on mega-cap tech concentration. EM-focused crypto projects—particularly those addressing payment rails, supply-chain transparency via distributed ledgers, or infrastructure finance—may benefit from broader capital rotation into non-AI segments. However, this broadening could also signal that consensus on AI's near-term growth is cooling, which may pressure risk assets including crypto equities and tokens tied to AI infrastructure plays.