สะเทือนวงการ! สหรัฐฯ จ่อเช็กบิลบริษัทไทย ปมส่งชิป AI ต้องห้ามไปจีน | Morning Wealth 11 พ.ค. 2569

The program begins with a review of financial and geopolitical news. The Ministry of Finance in Thailand is set to propose a 200 billion baht loan to cabinet to stimulate the economy, potentially through schemes like "half-half" and increased welfare card limits. Simultaneously, Donald Trump is traveling to Beijing to meet Xi Jinping, and negotiations between the US and Iran are ongoing, though the US has deemed Iran's latest proposal unacceptable. A major international news story, reported by Bloomberg, alleges that a Thai company acted as an intermediary to illegally ship high-end Nvidia AI chips to China, circumventing US trade restrictions. The US Attorney's office has filed a lawsuit naming "Company One," which Bloomberg identifies as Obon, a Bangkok-based firm. Obon allegedly facilitated the sale of SuperMicro servers containing Nvidia AI chips, valued at $2.5 billion, to Alibaba. Alibaba has denied any business relationship with Obon or SuperMicro, and claims it has never used banned Nvidia chips in its data centers. Obon is described as a lesser-known company outside the tech world but a significant player in establishing Siam AI, a Thai national AI program provider. Siam AI, launched in May 2024, planned to install Nvidia servers in Bangkok data centers and became Thailand's first official NVIDIA Cloud Partner. Ms. Rattanaphon Wongnapachan, CEO of Siam AI at the time, is reportedly the niece of former Prime Minister Thaksin Shinawatra and also served as CEO of Obon until May 2024. Mr. Rattanapol has since stated he left Obon when Siam AI was founded and declined to comment on the US suspicions, affirming Siam AI imports GPUs for its own use. Bloomberg's attempts to contact Obon were unsuccessful, and its website has been shut down. The report suggests that this incident could prompt the US to implement further restrictions on chip sales to the region, having previously considered export controls on semiconductors to Thailand. SuperMicro, the company whose servers were allegedly involved, has opened an internal investigation, leading to the resignation and suspension of co-founder Yi Chuanliao, who was named as a defendant. CEO Charles Liang expressed shock and sadness, stating no other company personnel were involved besides those indicted. The ongoing peace negotiations between the US and Iran are also under scrutiny. Donald Trump rejected Iran's latest proposal, calling it "completely unacceptable," while Iran denies the proposal as described by Trump. The Wall Street Journal reported Iran offered to transfer some highly enriched uranium to a third country but refused to dismantle its nuclear facilities. Iran's semi-official Touchnim News Agency countered, stating Iran wants an immediate end to the war, unfreezing of assets, and lifting of US oil export blockades. Iran views Trump's plan as a demand for surrender and seeks compensation for damages. Benjamin Netanyahu of Israel expressed concerns about Iran's nuclear materials, suggesting the need for physical access to remove them, a mission he believes is feasible and crucial for Israel's security. The program then shifts to the "Hantavirus crisis" on the luxury MV Hondius research ship, highlighting the risks of high-end adventure tourism. This incident, involving a rare but severe disease, has prompted global monitoring of passengers and raised concerns about emergency healthcare access in remote areas like Antarctica, a rapidly growing market for cruise travel. Despite the high costs (up to $50,000 per person) and the perceived safety of such trips, experts warn that expensive travel doesn't guarantee top-tier emergency assistance, especially far from urban centers. This event underscores the need for travelers to prioritize risk management, medical evacuation insurance, and detailed emergency plans for remote expeditions. Japan's tourism industry is experiencing "overtourism," with annual tourist numbers surging from 8.6 million in 2010 to 42.68 million in 2025, making tourism the country's second-largest export industry. However, this success has led to overcrowding, disruptive behavior, and public discontent, particularly in cities like Kyoto. The Japanese government aims to manage this by increasing designated "overload" areas to 100 by 2030. Proposed solutions include adjusting entrance fees (e.g., Himeji Castle charging non-residents more), reforming the tax refund system to incentivize local crafts and off-route purchases, and managing hotel segmentation to protect domestic business and student travel. Kyoto's increased accommodation taxes for luxury rooms and exemptions for student trips are seen as positive steps. Japan also plans to use tourist tax revenue to subsidize luggage delivery services from airports to hotels and implement continuous congestion monitoring at transport hubs to prevent overcrowding. The ASEAN summit in Cebu, Philippines, focused primarily on energy security due to the region's heavy reliance on energy imports, particularly from the Persian Gulf. The conflict there has significantly impacted supply chains and energy prices. While other issues like the Myanmar civil war, Thai-Cambodian border disputes, and South China Sea conflicts were on the agenda, energy was the "hottest topic." ASEAN leaders, including Chairman Ferdinand Marcos Jr., emphasized the urgent need for member states to strengthen coordination and implement joint measures for energy stability and resilience. Several ASEAN nations are already taking steps like reducing working hours, promoting remote work, and freezing prices to mitigate the impact of rising energy costs. The summit itself was scaled down and shifted partly online to reduce costs and address public concerns. Thailand's Minister of Energy, Mr. Ekanus, is attending to discuss these critical energy issues, noting ASEAN's 55% reliance on Middle Eastern crude oil and 17% on natural gas imports. Returning to Thailand's domestic economy, the Ministry of Finance is preparing a 200 billion baht loan proposal for cabinet approval this week. This first tranche of a 400 billion baht emergency decree loan will fund the "Thai Plus" project, including a "Half-Price Plus" scheme offering 4,000 baht to 30 million eligible individuals and increasing welfare card limits from 300 to 1,000 baht per month for 13.2 million cardholders. Registration for the project is expected to open on May 25th, with benefits starting June 1st. This initial loan aims to alleviate the impact of the energy price crisis and support the transportation sector. A second 200 billion baht installment is planned to support the transition to clean energy. SCB CIO, in collaboration with BlackRock, provided global investment insights. They note the global economy faced its worst quarter due to high energy costs from conflicts, yet the US market continues to grow flexibly, driven by AI infrastructure investment. Europe faces economic slowdown and rising inflation due to energy import reliance. Japan benefits from higher inflation driven by bank reforms but remains vulnerable to prolonged energy import dependence. China and other Asian countries are less affected by energy issues and are diversifying into renewable energy. Central banks globally are maintaining tight monetary policies due to persistent inflation, with the US Federal Reserve expected to keep interest rates high. Key investment uncertainties include geopolitical tensions in the Middle East, which could cause supply shocks and sustained high inflation. AI, while disruptive and efficiency-enhancing, could also create compensation disparities and pressure profit margins, with infrastructure struggling to keep pace. US government debt is a chronic concern. Investment strategies recommend proactive selection of high-quality stocks in expanding AI themes, infrastructure, and healthcare. Diversification into Japanese and Brazilian stock markets is suggested, with Japan benefiting from policy support and reforms, and Brazil offering attractive valuations and prospects of lower interest rates. Long-term themes include renewable energy, clean technology, and water infrastructure. Core portfolios should focus on high-quality short-term US investment-grade bonds and infrastructure assets. Growth opportunities are seen in US stock market mutual funds, and selectively in Japanese and South Korean stocks (due to memory chip demand and capital market reforms). Gold is recommended for risk diversification against geopolitical uncertainty and inflation. Short-term returns can be sought in AI infrastructure stocks, memory chip groups, sustainable energy, and global technology stocks with strong growth potential. Emerging market stocks, excluding China, like South Korea, Taiwan, and commodity-rich Brazil, are also favored. Finally, Airports of Thailand (AOT) announced an increase in the Passenger Service Charge (PSC) from 730 baht to 1,120 baht for international flights at six airports, effective June 20th. Ms. Pavina Chariyathitipong, AOT CEO, explained this is necessary because the PSC hasn't been adjusted in 19 years, while operating costs have risen due to inflation, new amenities, and increased security requirements mandated by ICAO standards. AOT's aeronautical revenue (from aviation-related services) has historically been insufficient to cover costs, relying on non-aeronautical revenue (concessions, retail). However, non-aeronautical revenue growth has also faced challenges, with concession fees becoming unsustainably high for some businesses. The PSC increase aims to balance income and expenses, ensure financial sustainability, and fund future investments in infrastructure and technology across all six AOT airports. This includes expanding capacity at congested airports like Suvarnabhumi (which handled 62 million passengers last year, exceeding its 45 million capacity) and improving service levels. AOT aims to enhance the passenger experience, from parking to security checks and amenities like kid rooms or quiet workspaces. Research suggests that the PSC increase, representing a small percentage (less than 10%, around 5%) of the total ticket price, will not significantly deter international travel to Thailand, a popular tourist destination. Singapore, for example, also recently increased its PSC to fund future terminal expansions. AOT is committed to managing investments wisely to avoid further significant PSC increases in the future. The CEO clarified that non-aeronautical revenue is reinvested into airport management and development, not for employee bonuses. The goal is to elevate all AOT airports to world-class standards, maintaining Thailand's competitiveness as a global aviation hub.