HONG KONG, Oct 19 (Reuters) - As doubts mount over Asia's AI 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 in 2026 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.
But AI is not the only driver of these old-economy investment sweet spots, as geopolitical unrest and high energy prices are also playing a role. Fears about a slowdown in the tech boom may rattle Asian markets — as we saw last week — but they will not necessarily bring the Asian surge to a screeching halt.
Rising global defence spending has been a major investment driver worldwide this year, as military tensions escalate, most notably in the Middle East and Europe.