[Industrial Securities Strategy] 11 Charts to See Global AI Industry Trends

English summary

1. Penetration rate: Mainstream US AI penetration indicators are BTOS (surveying 1M+ enterprises on AI usage) and RAMP (surveying 70k+ enterprises on AI payment). As of June, they were 20.6%/54.95%, respectively, with upward slope clearly increasing since the beginning of the year. 2. Corporate earnings: We track 30 global AI core companies' 12-month forward earnings growth revisions. As of 7/24, AI core companies' EPS_NTM growth was as high as 93.2%. Compared to absolute growth, the earnings revision intensity (% of companies with upward vs downward revisions), as a second derivative, correlates better with market momentum. For the Philadelphia Semiconductor Index, this indicator fell from 76.2% at end-June to 46.6% last Friday. 3. North American cloud capex: Besides high-frequency consensus expectations, Korea's semiconductor export growth can also serve as a highly correlated industry tracking indicator. ...