1. Still going crazy. East Asian exports are still rocketing upwards, with a massive divergence compared to the rest of Asia and the rest of EM.

2. All about IT electronics. As before, this is all about IT/electronics shipments; other export categories are much more sluggish.

3. Prices are surging but so are volumes. Huge price spikes for processing and memory chips are now very evident in the data, but the numbers show that the main story is still in volume demand.

4. US AI spending is the overwhelming culprit. Import statistics clearly point to the US as the biggest driver by destination, and AI-related investment as the main underlying source of demand.

5. Who knows how long this will persist? The answer to the question "How long can this go on?" is, "As long as the US AI spending bubble lasts." And we don't know how long that is.