Maybank: US and Asian Markets to Boom on AI, Predicting 25% Returns
Maybank Securities forecasts robust growth for U. S. artificial intelligence (AI) technology stocks, projecting potential returns of up to 25% in 2025 and 2026. This optimistic outlook, despite potential U. S. economic headwinds, stems from the AI sector’s strong global growth. According to Dan Ives, Managing Director and Global Head of Technology at Maybank, Nasdaq-listed AI stocks are largely insulated from U. S. economic fluctuations, benefiting from burgeoning worldwide demand for AI solutions.
Mr. Ives highlighted the «Magnificent Seven» U. S. tech stocks—particularly Nvidia, Apple, and Tesla—as poised for continued strong performance. He predicts Apple will achieve a groundbreaking $4 trillion market capitalization this summer, driven in part by its expanding AI presence. With an estimated 25% of global AI access occurring through Apple devices, and the company’s current AI business valued at $12 billion, Mr. Ives sees substantial expansion potential. This projection is further bolstered by the anticipated $2 trillion investment in AI by businesses over the next three years, a significant tailwind for the sector.
Tesla, another member of the Magnificent Seven, is also expected to perform well, potentially benefiting from CEO Elon Musk’s relationship with the Trump administration. While the U. S.-China trade war remains a concern for tech stocks, its impact is perceived to be diminishing due to a more conciliatory stance from the former president.
Beyond the U. S., Maybank identifies Vietnam and India as two Asian markets poised for significant growth. Kitichan Sirisukarcha, Director of Investment Solutions at Maybank Securities (Thailand), advocates for overweighting global stocks, specifically in the U. S., Vietnam, and India. Vietnam’s inclusion in the FTSE Emerging Index, anticipated in September 2025, is expected to enhance the country’s stock market profile. Furthermore, Vietnam boasts Asia’s highest profit growth rate at approximately 25%, significantly outpacing the MSCI ex-Japan average of 11%, while its stocks remain attractively valued. However, potential risks for Vietnam include dong depreciation and the threat of increased U. S. import tariffs, given Vietnam’s substantial trade surplus with the U. S.
While bullish on U. S. AI and emerging Asian markets, Maybank also acknowledges the enduring strength of established U. S. companies, projecting profit growth of 10–12% in 2025–2026, compared to 7–9% in other developed markets. Maybank Securities (Thailand) recommends a diversified portfolio allocation: 35% in global stocks (70% of which should be U. S. stocks), 50% in fixed income assets, 10% in Thai stocks, and 5% in alternative investments. This balanced approach aims to capture growth opportunities while mitigating risks across various asset classes. Maybank’s overarching message is one of cautious optimism, highlighting AI’s transformative potential and the promising prospects of specific Asian markets, while acknowledging persistent geopolitical and economic uncertainties.
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