Tech unwinding concerns waning....    We undertook a marketing trip to Taiwan, Singapore, and Hong Kong last week, findingthat while some investors have reduced tech stock exposure, most have maintained theirs,based on: 1) expectations of solid profit growth and next year’s bright earnings outlook;and 2) concerns of other sectors being more susceptible to regulatory and geopolitical risk.    Instead of reducing exposure, tech portfolio adjustments seem more probable.    …but sector overrepresentation accelerates.    Reducing tech exposure aims to defend portfolios from unpredictable market impacts andappears based on the perception that such stocks—as they are held by too manyinvestors—seem unlikely to outperform. Conversely, some investors try to hedge risk byincreasing exposure to memory stocks that have seen rapid advancements of late. Insteadof being 2018 portfolio rebalancing, we believe the moves are instead aimed at takingadvantage of solid earnings momentum expected at year-end and fewer-than-usualnegatives during low season. Many investors foresee near-term upward revisions toconsensus estimates, with those in Taiwan interested in small memory makers like NanyaTechnology and Winbond.    Overall solid 2018 outlook.    By and large, investors have a positive 2018 industry outlook, which anticipates continualbig data-related investments. Still, some have tired of incessant talk surrounding thesubject, pointing out that: 1) cloud computing was conceived to reduce the investmentburden of individual companies and thereby enhance efficiency; but 2) cloud providersand customers are both investing on their terms, which some may say is excessive—as thisis somewhat counterintuitive to the concept of clouding, where individual firms rentservers, thus raising concerns of ICT investments contracting once cloud computing’sinfrastructure has expanded sufficiently. Indeed, such concerns may not be overblownsince cloud utilization rates are below 50%, with the unused portion continuously beingupgraded. Still, most investors agree that the investment cycle remains nascent, withslowing demand merely a risk.

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