To The Moon

1.Live Review Introduction

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Tiger Brokers livestream hosted by Esther, featuring Kenny Tay, CEO of the Singapore AI Association (SAIA) and Founder of AI49 International Group, and Kenny Loh, Wealth Advisory Director, S-REIT specialist and SGX Academy trainer. Together, they bridged the gap between AI hype and AI impact — what AI really means for business and careers, and how to invest in the AI theme through SGX.

Disclaimer: This session has not been reviewed by the Monetary Authority of Singapore. All views expressed are those of the speakers and not of Tiger Brokers or its affiliates. Today's session is strictly for education and discussion purposes and does not constitute financial advice.

Want to see more of the livestream recap? Check it out here>>

• Live Recap 1: From AI Hype to AI Reality — Why 80% of Organisations Are Stuck at the Pilot Stage

• Live Recap 2: From Capabilities to Trust — Singapore's AI Opportunity

2.Two Very Different Markets

Kenny Loh split the global AI opportunity set into two markets. The regulated public market already includes household AI-linked names such as $NVIDIA(NVDA)$, $Microsoft(MSFT)$, $Apple(AAPL)$, $Alphabet(GOOG)$, and $Amazon.com(AMZN)$ in the US, and $Alibaba(BABA)$, $Tencent Holding Ltd.(TCEHY)$, and $JD.com(JD)$ in Hong Kong — but valuations here can already be rich. The private market includes AI companies still pre-IPO, including Anthropic (valued near US$965 billion) and OpenAI, among others reportedly preparing for eventual listings. The appeal of the private route is capturing value before valuations get "stretched" at IPO — but it's a fragmented, fast-changing landscape where it's genuinely hard to know which startups will succeed.

3. Three Ways to Get Exposure — and the Trade-offs

Kenny Loh compared three vehicles across liquidity, entry barriers, and risk:

• Direct public equities: highest liquidity, lowest barrier to entry (buy today, sell tomorrow), but individual-stock volatility risk is high, since AI products and business models can be disrupted quickly by better competitors.

• Pre-IPO private funds: only accessible to accredited investors, typically locked in until IPO with no interim liquidity, but potentially higher return given lower entry valuations before a possible IPO re-rating.

• AI ETFs: similar liquidity and entry barrier to public equities, but risk is more manageable since exposure is spread across a basket of companies rather than concentrated in a single name — in exchange for capturing closer to a market-average return rather than any single winner's upside.

4. Don't Forget the US Estate Tax

A key structural point for anyone holding US-listed AI stocks or ETFs directly: non-US holders are exposed to a 40% US estate tax on death. On a hypothetical US$1 million US portfolio, that could mean an executor needing to pay roughly US$400,000 to the IRS before a beneficiary can inherit the remaining assets — a real consideration when structuring long-term AI exposure through US-listed vehicles.

5. Building the Portfolio

Kenny Loh's suggested process: first identify your risk profile, investment horizon, and liquidity needs; then select your vehicle (public, pre-IPO, or ETF) according to that risk tolerance; then build a diversified plan around it. His own stated preference, given how fast the sector changes and how hard it is to call individual winners, is to lean on funds or ETFs rather than picking individual AI stocks — so that if one company stumbles, it doesn't wipe out the whole position.

6. Audience Q&A Highlights

• Limited capital — ETF or REIT? For smaller, regular capital, dollar-cost averaging into an ETF or unit trust (from as little as S$500–S$1,000 a month) suits a long (10–30 year) horizon aiming for capital growth. For those closer to retirement wanting income alongside AI exposure, data centre REITs can offer both growth potential and dividends — though their performance tends to correlate with the broader technology sector.

• Why bother with SGX given the US has the "real" AI names? SGX and US AI exposure are genuinely different games — SGX skews toward manufacturing and infrastructure with steadier, dividend-oriented characteristics, while the US offers the higher-growth software and application names, alongside the 40% estate tax consideration.

• Spotting a fundamentally sound AI firm: no AI company is safe forever, as even established software leaders can be disrupted by fast-moving competitors. Kenny Loh's checklist: growing top-line revenue, growing bottom-line profit, and positive operating cash flow — signs a company's AI bets are actually paying off, alongside continued capex to sustain future growth.

• Utility, storage and memory stocks: AI's heavy power and water needs make utilities relevant, and memory names like Micron benefit from rising processing demand — but valuations can run ahead of fundamentals, so entry price and historical valuation ranges matter before buying in.

Closing Takeaway

Across the full session — from AI adoption inside organisations to how to actually invest in the theme — the consistent thread was that real impact comes from execution, not hype: for businesses, that means transformation over experimentation; for investors, that means disciplined portfolio construction over chasing individual winners.

7. Risk Reminder

High-volatility AI and technology-related stocks carry substantial trading risks. This content is for general education purposes only and does not constitute financial or investment advice. Please conduct independent research or consult a financial adviser before making investment decisions.

8. Post-Event Resources

Viewers can follow Kenny Loh on the Tiger Community, his YouTube channel Kenny Loh Financial Wisdom, or via Tothemoon (Kenny_Loh / REITsavvy), or reach out directly at kennyloh@fapl.sg. Everyone can follow Tiger Brokers Singapore for more expert sessions, and watch the full recap video on the Tiger Trade app.