E80: Korea, Taiwan Tech Hubs Drive AI Future
KEY TAKEAWAYS
- AI-driven demand is propelling significant earnings growth and market outperformance in Taiwan and Korea's tech hubs particularly across semiconductor and broader AI infrastructure segments
- The sustained capital expenditure by hyperscalers signals a multi-year structural trend driving the need for advanced node technologies and diversified supply chains amidst high demand
- While the AI-driven memory market is forecasted for seven more years of growth monitoring geopolitical stability AI adoption rates, traditional IT demand remains crucial
Erica Poon Werkun, Citi's Head of Research for JANA and Asia South, sits down with Head of Korea Research Peter Lee and Head of Taiwan Research Laura Chen to discuss AI's contributions to those countries' tech chains and stock markets. In their conversation, the three explore whether this growth is sustainable and potential downside risks investors should keep in mind.
This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
Erica Poon Werkun, Head of Research for JANA & Asia South
Erica joined Citi during June 2025 as JANA and Asia South Deputy Head of Research and became the Interim Head of Research for JANA & Asia South in September 2025. She was Managing Director and Head of Asia Pacific Research at Credit Suisse from 2019 to 2024 and previously worked at UBS for 15 years, as Head of Research in China, and before that as Head of Asian Consumer & Internet Research. Before joining UBS, she was at Goldman Sachs covering the Consumer and Technology sectors in Hong Kong and Taiwan. Erica also worked in technology investment banking for CSFB in Palo Alto and Hong Kong, and Cowen in New York and San Francisco. Erica holds a BS in Economics from the Wharton School, University of Pennsylvania, is a board member of the Wharton Executive Board for Asia and is a recipient of the Individual Achievement Award for Women in Finance Asia.
Laura Chen, Head of Taiwan Research
Laura Chen joined Citi Research in June 2022 as Head of Taiwan Research covering the semiconductor and technology sector. She has 20 years of experience in research. Prior to joining Citi Research, she was the tech team head of KGI Securities in 2019-2022. Laura was Head of Taiwan Research at BNP Paribas during 2011-2019 , where she covered large-cap semiconductor sector and downstream hardware sectors in Greater China. She worked for BoA Merrill Lynch covering Asian hardware technology prior to joining BNP Paribas.
Peter Lee, Head of Korea Research
Peter Lee is a Co-Head of Global Tech & Communication and a Managing Director at Citi Research covering the Semiconductor and IT Hardware Sector, including memory, handsets, EV batteries, and displays. Prior to joining Citi in 2017, he worked at Samsung Electronics for 12 years in various positions in the semiconductor engineering, marketing, and strategy divisions.
