Luno on a growth trajectory

 

PETALING JAYA: The four-year cyclic bitcoin halving event and fresh liquidity, especially institutional money, have driven the cryptocurrency market to fresh highs this year upon gaining more acceptance as an alternative asset class, albeit being a far more volatile one.

But as the drums of war got louder in the Middle East early Sunday, bitcoin was the first to reflect investor sentiment, falling some 9.9% or US$6,714 to a low of US$61,231 before fresh buying saw it trading at US$64,246 as at press time.

The fresh buying is a clear indicator that the crypto market is maturing, said Scarlett Chai, country manager of Luno Malaysia, as it now has made its way to institutional investors via centralised asset fund managers from being an asset class that was previously exclusive to the decentralised community.

The halving event, which is due to happen this week on April 19-20, could also provide price support. Historical data has shown that price corrections typically happen two years after every bitcoin halving, as this trend has been visible in the past three halvings.

However, this cycle looks very different to previous cycles with bitcoin reaching all-time highs near the halving for the first time in its history and with prospects of war as a headwind or even a tailwind.

“It is difficult to ascertain the scale of the upcoming halving’s impact on bitcoin prices. We need to understand that the crypto market, specifically bitcoin, is now different following the inflow of institutional investors. This new liquidity via exchange-traded funds (ETFs) might put the market on a new course,” Chai told StarBiz.

She added that with gold recently breaking its all-time high and should bitcoin be viewed as digital gold, they might share a similar momentum.

Scarlett Chai, Luno Malaysia Country Manager

For some the fresh liquidity, estimated at US$13.8bil year-to-date, and the halving event could be more oxygen to a bubble, which could all end badly with systemic implications to the global financial system.

“The anticipated halving and the increased cash inflow, particularly after the ETF, has driven up cryptocurrency prices. There is little doubt that there is a bubble as there is no intrinsic or underlying value.

“This may simply be a modern version of the Tulip mania,” warned Obiyathulla Ismath Bacha, professor of finance at the International Centre for Education in Islamic Finance.

Nevertheless, with cryptocurrency gaining traction in Malaysia, Luno has recently launched its staking option on its trading platform.

Chai said the latest feature on its mobile application platform called staking was something its Malaysian clients had been asking for.

“We are the first regulated exchange to bring staking here. We launched last year and it was a long-awaited feature for the local market. Staking using ethereum is now available and we know it is suitable for the current Malaysian market,” she says.

Chai explains staking is locking up a certain amount of cryptocurrency, in this case ethereum, on the platform while allowing it to participate in a blockchain network. This also means that one’s stake grows and rewards are compounded.

“It’s just like having an asset, you can either hold on to it or lock it up so it grows. Locking it up will help the digital system, which is a computer-based network, become more secure and functional,” she said.

While the coins are being staked, users cannot sell or remove their coins but Luno will allow them to “unstake” from their wallets.

Chai added it took some time for this feature to be approved by the regulatory boards and the group is looking at launching a second coin for this feature.

“We are on track for the launch of a second coin and we believe staking should be made available for more asset classes. With all our features, we aim to make it safe and simple to participate in the cryptocurrency industry,” she said.

Luno Malaysia currently offers an instant buy-and-sell option or an exchange programme, both with distinctive features to suit a user’s risk appetite for investment.

Chai said there are 11 digital assets that have been approved by regulators and using the platform has been made easier and more seamless.

“Users can now use Touch ‘n Go, bank transfers or even FPX to choose which coin they would like to transact from as low as RM1. Then we have the exchange, which is for more sophisticated users, those that know how to read charts to study pricing and are familiar with market trends,” she said.

Chai points out that despite initial concerns on data privacy and the volatility of the cryptocurrency world, the industry has been very popular in Malaysia.

“So far, we’ve got some 840,000 users on the platform. Luno has been around since 2015 but in 2019, we relaunched ourselves in the market under the purview of the Securities Commission’s (SC) guidelines,” she said.

This means there are hard guidelines on how the platform can operate and Luno is answerable to authorities should any concerns arise.

Chai stated last year was a strong learning curve for the group as it showed the crucial role it could play in allowing users to invest in digital assets.

“It became important for us to address and create awareness on scams or “too-good-to-be-true” offerings. And because of this financial literacy is really vital,” she said.

Luno Malaysia has participated in various community events like exhibitions and campaigns where the need to create a better understanding on digital wealth management comes up.

“We look forward to participating in more national scam campaigns with financial institutions and such for educational purposes. We have even been in universities to speak to students and how they can avoid scams,” Chai said.

The most active group on the platform are aged between 30 and 49, Chai notes, because they have higher disposable income, but Luno has seen an increase in downloads and participation by those in the 20 to 29-year age range.

“This is their domain, and Luno targets audiences that are interested in investment and are retail-focused. In the next couple of years, we hope to hit one million users on our platform,” she said.

Meanwhile, Chai noted digital wealth management is just another form of investing, same like bonds or stocks.

“We are moving into an era where there is a blend of traditional finance and digital assets, as more markets worldwide regulate crypto and are catering to people who want to diversify more,” she said.

One piece of advice Chai gives is always start small, make yourself aware of what’s out there and be ready to put in what you can afford to lose.

“With every form of investment, the risk of losing is there. People adjust their portfolios to meet their personal strategy. Never go into an investment without a strategy, because then, you’d be basing it on your emotions and that is not how it should be done,” she advised.

In 2024, Luno users can look forward to more coins being added on the platform, subject to regulatory approval of course.

“We added two coins last year and we are looking at adding another five. We work closely in collaboration with the SC and will continue on that journey with them as we bring more offerings to people in Malaysia,” Chai said.

On top of that, with the aim to maintain the highest levels of security, Luno has introduced monthly proof of reserves reports.

Through this process, the exchange ensures each customer’s assets are maintained on a one-to-one ratio on the platform, illustrating that customer-stored digital assets match with the balance in their Luno wallets.

Chai said as there was no regulatory obligation to publish proof of reserve reports, the group saw an important step to build trust in the crypto space.

“Luno’s 12 million global customers – with over 840,000 of those in Malaysia – can be rest assured that their wallets do contain the crypto stated.”

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Financial planner falls for scam | The Star

Backups are lifeline to your digital lifestyle

Celebrate World Backup Day this Sunday by creating backup copies of your essential data to safeguard your digital lifestyle against potential loss. — Image by freepik 

It is said that memories you make are priceless, but in this digital age, our data, whether text, audio, or video, has become equally invaluable.

And its value is not lost to cybercriminals, as data breaches have become so common that protecting personal information has become an ongoing challenge for individuals and organisations alike.

Last year, cybersecurity firm Sophos reported that over 90% of cyberattacks reported by its customers involved data or credential theft.

But hackers are not the only threat to your data – the device holding your information may suffer a hardware failure, be stolen, or even be destroyed in an incident such as a fire or flood.

Despite happening over two decades ago, the near loss of Pixar’s Toy Story 2 assets due to accidental deletion during the 1990s remains a memorable story.

The studio was “saved” by Galyn Susman, a supervising technical director who had been working from home after childbirth and had a remote backup.

Even though much of the film was eventually remade due to quality concerns, the character models and environments from her backup were integral to the final film.

Arina hopes that as awareness increases and user-friendly backup options become more widely available, more people will incorporate backups into their digital routines. — Image by rawpixel.com on Freepik

Last year’s layoff of Susman, along with 74 other employees, struck a chord with fans who remember her as the person who saved Toy Story 2.

As we approach World Backup Day this Sunday, March 31, it’s crucial to remember that although incidents of data loss might seem distant, nobody is immune to such occurrences.

Data dilemmas and disasters

Head of operations at Lucid Analytica, an analytics consultancy, Firdaus Jefri experienced data loss for the first time during his childhood when the hard drive of the family computer failed, resulting in the loss of numerous personal files.

“When my first PC, which I had as a kid, crashed due to a hard drive failure, it was devastating. I had important family photos, videos, and memories stored on it. I also made some great friends while playing games like Runescape and Halo Combat Evolved.

“Unfortunately, as a kid, I didn’t keep track of my passwords and didn’t know how to recover my accounts, losing contact with most of them,” he says.

He adds that his mother’s work documents were lost as well, though they weren’t devastating since she had hard copies on hand, requiring extra effort to recreate everything on a computer.

Cloud storage services can be set up to back up files from a mobile device or a PC, but it’s important to maintain enough free space. — Image by rawpixel.com on Freepik

Fast forward to today, and Firdaus has become a staunch believer in backups, having invested a significant amount into a self-built networked-attached storage (NAS) solution.

He estimates that he has spent approximately RM10,000 on storage for multiple drives totalling 20TB, with each drive serving as a backup for another. This setup enables him to recover data in the event that one drive fails.

Firdaus describes his solution as overkill for most users, though it’s a necessity for him, as his work involved handling large files.

When studying for his PhD, computer system engineer Lee Yang Yang was shocked to witness a fellow student fail his course due to losing his files just before the thesis submission deadline.

In Lee’s experience, users typically only begin to prioritise the security of their files after a personal encounter with data loss.

“If you think a file is important, back it up. It is worth your money to have the extra storage. This would include private and confidential files that could cost you a fortune or even your job if the data is lost,” he says.

Better safe than sorry

While data recovery programs and services (read “Get Your Data Back”, StarLifestyle, May 29, 2023; online at bit.ly/datalostandfound) are available that could help restore lost files, the costs involved are steep.

Sin says that having a comprehensive backup strategy is crucial for recovering from such incidents, likening it to 'insurance' for digital assets. — Synology Malaysia

According to Jason Sin, Malaysia country manager for Synology, a company that specialises in NAS storage, the substantial price tag doesn’t guarantee complete data retrieval.

To save oneself from the headache and hefty fees involved in recovering lost files, it’s best to have a backup system in place.

Nur Arina Ramlee, chief technology officer at Cybersolution Technologies, stresses the value of having proper backups.

“Unfortunately, typically, users do not regularly backup their data as often as they should. Usually, this comes down to a few key elements.

“Many users underestimate how upsetting data loss may be when it occurs to them or believe it only happens to other people.

“People are sometimes discouraged from starting because they believe that creating backups is complicated and time-consuming,” she says.

Arina hopes that as awareness increases and user-friendly backup options become more widely available, more people will incorporate backups into their digital routines.

She recalls an incident involving a restaurant, which was exploring franchising opportunities at the time. The restaurant owner had stored all the key components of the company, including financial records, designs for its franchising plan, and even his beloved recipes – which he spent years perfecting and digitising – on a laptop.

That laptop was stolen at an airport during a business trip, resulting in the loss of years’ worth of data.

The rise of ransomware is another threat to data. In a ransomware attack, the files on a computer system are encrypted, in most cases rendering them unusable, with the threat actor demanding a ransom payment to decrypt the data.

Sin says that having a comprehensive backup strategy is crucial for recovering from such incidents, likening it to ‘insurance’ for digital assets.

Arina recommends a straightforward approach to backup by starting with identifying the data crucial to your daily digital activities. — Cybersolution Technologies

“Ensuring data security and continuity is paramount for users and businesses alike.

“Creating a backup strategy is like providing a safety net, allowing users to restore their data to a previous state and resume normal operations swiftly.

“As digital lifestyles become more prevalent, the potential impact of data loss on both personal and professional fronts has heightened, underscoring the importance of robust backup practices,” he says.

As for companies, Sin highlights cost concerns and limited resources as major reasons why small- and medium-sized businesses (SMBs) often neglect backing up their data.

This is due in part to hardware, software and maintenance costs, along with the lack of a dedicated IT team to manage backup infrastructure. Time constraints, data fragmentation, and the need to evaluate security risks are other factors that can also hinder efforts.

In the long run, such neglect can make it significantly more difficult for a company to recover from cybersecurity incidents such as data breaches and ransomware attacks.

Sin highlighted that the Personal Data Protection Department (PDPD) reported a staggering increase in data breach cases. It received 130 reports by June 2023, a four-fold increase compared to the entire year 2022.

“Such breaches lead to significant financial losses due to causes like configuration errors, hardware damage, data leaks, and malicious encryption,” he says.

Seeking simple solutions

According to a report from data recovery service provider Reno Research Lab, over half of data loss cases in 2023 resulted from user error, primarily accidental deletion (56.38%), with drive corruption coming a distant second, accounting for only 18.09%.

These incidents could have been avoided if users simply made one backup copy.

According to a report from data recovery service provider Reno Research Lab, over half of data loss cases in 2023 resulted from user error, primarily accidental deletion (56.38%), with drive corruption coming a distant second, accounting for only 18.09%. — Photo by Markus Spiske on Unsplash

Fortunately, thanks to the widespread availability of free cloud storage, hefty investments are often unnecessary.

Popular and easy-to-setup options that offer free storage space include Google Drive, Microsoft OneDrive and Apple iCloud.

However, without a subscription, the free storage is limited, with Google Drive offering 15GB for free, while both OneDrive and iCloud provide only 5GB each at no cost.

The cloud storage services can be set up to back up files from a mobile device or a PC, but it’s important to maintain enough free space.

The services provide a range of subscription packages with different storage spaces, with family options typically offering better value for money.

To backup your PC with OneDrive’s desktop client, access the settings menu and navigate to the “Sync and Backup” tab.

From there, select “Manage Backup” to choose which folders, such as Documents, Pictures, Desktop, Music, and Videos to back up.

Unfortunately, OneDrive doesn’t support custom folders for backup, so users have to move their files to one of the listed folders.

Android smartphone users can check out Google Drive for backups. It can be turned on by going to the settings menu and selecting “Backup and reset” and then switching on the “Backup by Google One” option.

This feature automatically backs up various types of data, including apps, SMS and MMS, call history, and device settings when connected to WiFi.

However, remember to manually enable backup for photos and videos in this menu, as it is turned off by default.

For faster access and complete control over your backups, consider using a NAS (network-attached storage) device. It’s a dedicated storage server that connects to your home WiFi network.

It also provides a centralised location to store and access files and data from multiple devices, such as computers, smartphones, and tablets, over the network.

Essentially, it functions as a personal cloud storage solution, offering other features like file sharing, media streaming, and remote access.

However, NAS devices, which come in various configurations and storage capacities, are not cheap.

Those who are more technically inclined could opt to assemble their own unit, but this will require researching various topics and familiarity with terminologies like RAID (redundant array of independent disks) and learning NAS-specific operating systems like TrueNAS and Unraid.

However, if you’re seeking a robust backup plan, consider adopting the popular 3-2-1 backup principle.

It’s a straightforward rule – though very demanding – that is designed to ensure that your data stays safe no matter what happens.

Let’s break it down: “3” stands for having at least three copies of your data; “2” means storing them on two different types of media; and “1” emphasises keeping one copy offsite or on the cloud. This method ensures that your data is well-protected against accidents, hardware failures, and other unexpected events.

Arina recommends beginning with a simple approach: identify the data essential to your daily digital life, such as chat messages, pictures, and documents.

“The key to this is to back up regularly or set your backups to run automatically. Some applications that users use daily may already have this readily integrated into their cloud accounts.

“And remember to test your backups once in a while to ensure they work when needed,” she says.

Sin emphasises the importance of education and awareness in establishing a strong backup culture.

“We encourage everyone to share the significance of backups with friends, family, and colleagues,” says Sin, “in order to collectively cultivate a more secure digital environment.”

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China zooms ahead in space race - Advancement of China’s space programme is serving as a wake-up call for the US

;China Just Won the Space Race Against America...NASA is in Shock!

China Space Station Tian Gong is now complete and China is in a position to dominate the future of space and replace America as the number one space nation in the world. But how did this happen? How did China become a supreme space nation? Let's break it down

A staff member stands before a Long March-2F carrier rocket, carrying the Shenzhou-17 spacecraft, on the launch pad encased in a shield at the Jiuquan Satellite Launch Centre in the Gobi desert in northwest China on Oct. 25, 2023. — AFP

SHORTLY after New Year’s Day in 2019, China landed an unmanned spacecraft on the far side of the moon, where no mission had gone before. United States intelligence officials say they did so quietly, taking their time to verify the rover had landed in one piece and protecting themselves from embarrassment. Hours passed before Beijing announced its historic achievement to the world.

The landing was a wake-up call in Washington. China’s space program was advancing with unexpected speed. Beijing would soon assemble in record time a space station orbiting Earth, catching US officials off guard once again.

US intelligence officials acknowledge that China’s sudden advances had surprised them. They are no longer surprised. The intelligence community now assesses with confidence that China is poised to succeed in landing humans on the moon and constructing a permanent base camp at the lunar south pole by the end of this decade, four intelligence officials said, just as American space agency Nasa has fallen behind its own deadlines to achieve similar milestones.

It is the first time intelligence officials have publicly detailed their concerns that China may win the race to return people to the moon and establish a lunar outpost – an achievement that could set back US plans for human space travel for decades to come.

“It wasn’t too long ago that China said they were intending to land by 2035. So that date keeps getting closer and closer,” Nasa administrator Bill Nelson said in an interview. “I take it very seriously that China, in fact, is in a headlong race to get to the moon.”

Neither country plans to stop at the moon. Both see it as a training ground for missions to Mars in the 2030s, vying to make history by sending humans deep into space and landing them for the first time on another planet.

“Before, it was more of an afterthought – China was nowhere to be seen,” one US intelligence official said, speaking on the condition of anonymity to discuss sensitive intelligence matters. “Today, China gets the lion’s share of intelligence attention.”

A second US intelligence official said “space is very evident to China as a place they need to counter US power.”

“They don’t want to be the space power of the 2020s,” the official added. “They want to be the space power of the 21st century, the way we were in the 20th.”

More than half a century after the US put men on the moon, a space race is on for the new millennium. The first great competition of world powers since the end of the Cold War is spurring a new era of exploration that could send humans on missions far beyond those of the Apollo program 50 years ago.

But if the original space race with the Soviet Union was a sprint, this new competition with China is going to be a marathon.

“The United States will continue to lead the world,” Vice President Kamala Harris, who also serves as director of the National Space Council, said in a statement. “Our unrivaled network of allies and partners will power our deep space exploration, inspire the next generation of explorers, and will ensure that advancements in space benefit all of humanity.”

At Nasa, all of these goals are linked, forming a “ Moon to Mars Architecture” that is breaking modern precedent in Washington for space initiatives with sustained support and funding from consecutive Republican and Democratic administrations.

“Is China a catalyst? It should be. Chinese ambitions for both the moon and Mars should be taken very seriously,” said Dean Cheng, senior adviser to the China program at the US Institute of Peace. “Because from their perspective, it’s not just about planting a flag. There’s a whole freight train worth of baggage and meaning associated with both of these missions.”

“This is to establish presence,” Cheng said, “but then to establish the rules.”

Competition is already inching toward conflict closer to home. Since landing a rover on the far side of the moon, China has more than doubled its number of satellites orbiting Earth, and has launched a space plane that remained in low-Earth orbit for several months before ascending and releasing a projectile, defense officials said. Beijing is already fielding weapons in space, including electronic and cyberspace equipment, but also devices that can stalk and latch on to satellites to disrupt their orbit.

Nelson expressed concern that China may reach its lunar milestones first – a development that could allow Beijing to monopolize resources critical to a sustained presence on the surface, such as frozen water hiding in crevices of permanent darkness, and solar energy from mountain peaks bathed in eternal sunlight.

“If China were to land and begin an outpost there, I think it would be a Sputnik moment for the American people,” said G Scott Hubbard, Nasa’s first Mars czar and former director of the Ames Research Center at Nasa who now chairs SpaceX’s crew safety advisory panel. “They could claim it as their own.”

The Chinese Embassy in Washington said in a statement that “outer space is not a wrestling ground, but an important field for win-win cooperation. The exploration and peaceful uses of outer space is humanity’s common endeavor and should benefit all.”

Senior officials in the Biden administration said that China’s program could be the motivation the US needs to reestablish the wonder and drive of spaceflight that once captured the American imagination. “There are positive aspects to competition,” one official said, adding, “one person’s pressure is another person’s inspiration.”

Beijing surprised Washington once again last May, when its military-run Manned Space Agency held a press conference ostensibly to deliver a routine announcement.

Agency officials were introducing three new Chinese astronauts who would depart for China’s Tiangong Space Station the following day – part of a steady cadence of new crew members being sent into orbit every six months, an impressive achievement in and of itself. Then officials added that Beijing intends to land humans on the moon by 2030, moving their timeline up by years.

China’s Academy of Military Sciences has previously said that space “has already become a new domain of modern military struggle.” Neither the China National Space Administration nor the China Manned Space Agency responded to multiple email requests for comment.

China’s public plan is to use robots to scout the south pole for lunar water in 2026 and begin establishing its base there, to be called the International Lunar Research Station, in 2028. Beijing aims to complete a new Long March 10 rocket system for its crewed missions by 2027.

US intelligence officials say it would be “high risk” for the Chinese to attempt their first human landing at the south pole, but also believe Beijing will try to distinguish their first landing from Apollo.

“If there is a prestige goal,” one intelligence official said, “it is the south pole of the moon.” — TNS

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US and China vie for lunar real estate | The Star

https://www.thestar.com.my/news/focus/2024/02/25/us-and-china-vie-for-lunar-real-estate#:~:text=SPURRED%20to%20action%20by%20China's,crewed%20orbital%20mission%20in%202022.

The sunrise casts a golden glow on the Artemis I Space Launch System and Orion spacecraft. – NASA/TNS

Malaysia's giant leap into the stars

https://www.thestar.com.my/news/focus/2024/02/25/malaysias-giant-leap

Boom time for Malaysian AI

PETALING JAYA: Artificial intelligence (AI) is set to be the next growth engine for the technology sector.

Stocks linked to this sub-segment of the tech space have seen strong gains this year.

Analysts believe the run has further legs to go with companies such as Nvidia Corp, Advanced Micro Devices and their related branded manufacturers in Taiwan such as Asustek Computer Inc gaining strong interest of late.

AI requires computing power that is used by graphics processing unit (GPU) in computers and they are the key to the training of neural networks, the enabler of AI.

Apart from powering computer games and graphics/video-intensive computers, GPUs help quicken the training of neural networks which are a key component of many algorithms enabling AI.

The two main GPU designers and makers in the world are Nvidia and AMD.

It appears that tech stocks on Bursa Malaysia have not caught up with the strong rally in the United States as the surge in interest since late last year are limited to makers of GPUs and their related companies.

There was much buzz last week on the local tech space with Nvidia founder and chief executive officer Jensen Huang dropping by several countries in the region including Malaysia to announce business ventures.

For Malaysia, Nvidia last Friday announced a data centre partnership and it also announced last Sunday it will set up a manufacturing base in Vietnam.

YTL Power International Bhdannounced a collaboration with Nvidia to deploy AI infrastructure with Nvidia H100 Tensor Core GPUs at its YTL Green Data Centre Park in Kulai, Johor.

YTL Power’s share price received a boost with this development and saw gains of almost 15% last week alone. The company is now considered an AI-linked firm by market players with this partnership.

SPI Asset Management managing partner Stephen Innes said the surge in share prices of AI-linked companies is just the beginning and investors have not fully digested the strong upside prospects of this latest development in the tech space.

“We are only seeing the tip of the iceberg on a decade-long transition to AI.

“Right now, most of the focus is on the companies making the tools necessary to power the AI revolution that appears to be fast descending upon businesses and, eventually, the broader economy,” Innes told StarBiz.“In the immediate sense, such a build phase may also benefit the ‘shovel providers’ of this ‘gold rush’ – the companies that provide the computing power and tools necessary to build the models needed to compete.

“For this year, at least, Nvidia has stood out as that hardware store on the prospecting hill,” he added.

Innes expects Nvidia will continue to trend higher and be trading at US$600 per share next year and over US$1000 in the longer term.

High-net-worth investor and former investment banker Ian Yoong Kah Yin said investor interest in the domestic tech sector will be AI-driven, moving forward.

“The listed companies in this space are YTL Power, ITMAX System Bhd and Straits Energy Resources Bhd YTL Corp and YTL Power, its subsidiary, are in data centres.

“ITMAX is in video surveillance and analytics. Straits Energy is into oil bunkering, telecommunications solutions and AI-enabling services,” Yoong told StarBiz.YTL, YTL Power, ITMAX and Straits Energy are trading at financial year 2024 price-to-earnings ratio (PER) of 10, 8, 19 and 10 times, respectively, he noted.

Meanwhile, Yoong said the wider local tech space on Bursa Malaysia is expected to remain in the doldrums in the first half of 2024, with recovery seen earliest in the second half of next year.

“The Bursa Malaysia Technology index currently commands an above-average valuation, with a forward PER multiples of 25 times. The historical average PER is 21 times.

“The semiconductor-based sub-sector is expected to report weak earnings in the next two to three quarters,” Yoong added.

Commenting on tech stocks’ performance on Bursa Malaysia, Rakuten Trade head of equity sales Vincent Lau said many Malaysian tech stocks appear to be stuck in a trading range.

“Fund managers are staying on the sidelines and I think they need to see fourth-quarter numbers first.

“Ours are lagging behind and only in the United States it seems to be doing well. Even in Hong Kong the tech sector is struggling,” Lau told StarBiz.However, a tech recovery is still on track and the fourth quarter might be supported by restocking activities.

He said how strong will the recovery be is still the main question.

“But in the AI space, it still has some legs to run while for electric vehicles, it continues to be another growth sector,” Lau said.

“We may be at a short-term bottom now, as I think it will be quite a firm recovery moving into 2024. We may be at an inflection point.”

On YTL Power-Nvidia partnership, RHB Research said it has a long-term positive view on this development.

“The project may also boost its data centre take-up rate in Johor.

“YTL Power’s earnings growth should strengthen upon the successful delivery of the project delivery in the long run but investors ought to take note that additional capital expenditure requirements ahead could be rather intensive,” it said in a note.

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  KUALA LUMPUR: When one speaks about Artificial Intelligence (AI), the first thing that comes to mind might be the T-800 terminator that wa..