Indonesia has data centers, copper and tin, and not one listed chip designer, memory maker, network supplier or AI platform — eight of the eleven layers have no IDX representative at all, which means the local AI trade is a bet on being a landlord and a supplier, not a builder, and the most expensive stock on the exchange is priced on 2,000 MW it has not built rather than the 128 MW it actually runs.
Companion post to [The AI Stack: Why Where a Stock Sits Matters More Than Whether It Says "AI"]. September 2026. Run the eleven layers of the AI supply chain against the Indonesia Stock Exchange and something uncomfortable shows up immediately. There is no Indonesian chip designer. No memory manufacturer. No optical networking company. No foundation model. No enterprise AI plat…
Eleven layers of the AI supply chain, 104 listed names, and one pattern that keeps repeating: the companies with capacity already contracted into 2027 and 2028 are consistently not the ones getting the loudest coverage — and several of the loudest have no revenue at all.
Index post for an 11-part series. September 2026. Two companies both describe themselves as AI plays. One has a $163 billion order backlog stretching years into the future. The other has no revenue and a story about what happens in 2030. Both go up when the AI narrative is hot. Only one of them is still standing when it isn't. That difference has almost nothing to do with how m…
● Updated Oct 22 — View →
TPIA is a record-earning, fundamentally transformed company trading at a five-year low — and the next twenty days, specifically the MSCI review on June 23, will determine whether this is the buying opportunity of 2026 or the beginning of something much more serious for Indonesia's stock market.
Indonesia’s largest petrochemical company just reported the best quarter in its history. Its stock is near a five-year low. And the next three weeks could decide everything. If you’ve been watching PT Chandra Asri Pacific (TPIA) this week, you’ve seen one of the most dramatic two-day reversals on the Jakarta exchange in recent memory. On Tuesday, June 2, the stock surged 12% to…