Kiwoom Research | Special Report - 16 Sept 2026 Will The AI Bubble Burst Soon? This week, two major shocks are unfolding at the same time: the US 10-year Treasury yield has broken above 5.0%, JGB yield back to 3.0% (the highest since 1996) , while both the BOJ and the Fed are preparing to raise interest rates. At the same time, some of the most heavily traded AI hardware stocks have plunged, driven by concerns that the AI industry itself may now want to slow things down. In our latest report, “Yen Carry Trade 2.0,” we separate these two stories unfolding simultaneously: interest rates and AI safety — and examine what rising global capital costs could mean for emerging markets, including Indonesia. A few things we discuss: → Why the breakdown in the USD/JPY channel this week is about more than just the Yen → Wall Street’s bull-market argument vs. technical view on chip stocks & Nasdaq → Key levels currently being tested by Indonesia’s 10Y government bond yield and the Rupiah → Four things investors should watch this week One of our favorite parts: we also asked Claude (Anthropic’s AI) to give its own personal take on the irony that the company behind it helped trigger this week’s selloff. #YenCarryTrade #AIBubble #MarketOutlook #FixedIncome #KiwoomResearch KIWOOM SEKURITAS INDONESIA Liza Camelia Suryanata — Head of Research, PT Kiwoom Sekuritas Indonesia