Funding the 'mother of all cycles': Chris Wood cuts Indian stocks to double down on South Korean chip giants

Chris Wood is trimming his India long-only portfolio to fund increased exposure to South Korean and Japanese memory chip makers, calling the AI capex cycle the most dramatic he has seen. Ambuja Cements is being removed entirely, while GMR Airports, JSW Energy and Adani Energy Solutions are being reduced by 2, 1 and 1 percentage points respectively; PolicyBazaar is also being cut from the Asia ex-Japan book. The freed-up capital is being redeployed into SK Hynix (initial 4 percent), Kioxia (initial 4 percent) and a higher weighting in Samsung Electronics, based on the thesis that DRAM and NAND suppliers are central picks-and-shovels beneficiaries of AI infrastructure spending.