Six of ASEAN's biggest economies just reported second-quarter growth, and the split is stark. Malaysia, Singapore, Vietnam and Indonesia all beat consensus on the back of the global AI supply chain — Singapore's full-year forecast was hiked from 2–4% all the way to 4.5–5.5%, and Malaysia clocked 6%. Thailand and the Philippines went the other way, caught on the frontline of the energy crisis. We speak to Yun Liu, Senior ASEAN Economist at HSBC, on who's capturing the AI boom and where the forecasts go from here.

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