Company Interview / the open: ASX to rise, tech smashed & Aussie tumbles 🎢

Elfreda Jonker from Alphinity Investment Management states that the AI trade remains central to equity markets, but argues that leadership is gradually broadening. Jonker notes that Alphinity is trimming exposure to the “Mag 7” and rotating within the AI eacosystem into areas such as memory, networking and CPUs. Current preferred names include Micron Technology, Broadcom, AMD and Nvidia, with a strong focus on companies in positive earnings upgrade cycles and reasonable valuations.,Jonker highlights Micron Technology as a core holding, viewing memory as shifting from a purely cyclical to a more structurally supported segment due to AI-related demand. She points to favourable demand–supply dynamics potentially lasting through 2027, supported by commentary from peers such as SK Hynix. On the “anti‑AI” side, Jonker favours healthcare and hard‑asset plays, citing Eli Lilly over Novo Nordisk in GLP‑1 weight-loss drugs, and US senior housing operator Welltower as a beneficiary of ageing demographics and pricing power.,From a macro and regional perspective, Jonker sees opportunity in global financials such as JPMorgan, CaixaBank and Mitsubishi UFJ Financial. In Australia, she indicates a shift from cyclicals and commodities towards more defensive exposures including telcos, insurers and specific names like Codan (ASX:CDA), Wesfarmers (ASX:WES) and Superloop (ASX:SLC), targeting diversified earnings leaders across themes such as defence and value-focused consumers.,Key points: - Rotation within AI ecosystem towards memory, networking and CPU names such as Micron, Broadcom, AMD and Nvidia - Positive long-term demand view on memory and GLP‑1 weight-loss drugs, favouring Micron and Eli Lilly - Expanded exposure to global financials and defensive Australian names including Codan, Wesfarmers and Superloop