AS doubts mount over Asia's artificial intelligence boom, some of the region's strongest returns are building far from the hype.
While tech dominates the headlines, old-economy mainstays are also key drivers of the broader market story.
Technology accounts for six of Asia's 15 best-performing market sectors this year thus far. But the remaining nine tell a non-tech story anchored in financials, energy, industrials and process industries.
Admittedly, some of these themes overlap with the AI capital expenditure juggernaut. For example, investments in power generation, grid infrastructure and industrial cooling are clearly being propelled by data centre needs.
