Asia FX Talk · Consumer AI agents – the next phase?

Key arguments

• Meta's consumer AI agent Muse topping US mobile charts may signal the next phase of AI growth toward a billion new users.
• Value may shift from producing ever more intelligent models toward applications that orchestrate existing models, commoditizing models.
• Asia benefits from continued infrastructure build-out but with less focus on advanced chips and model training, and more on the inference layer.
• MUFG's base case: modest Asia export slowing in 2027 with overall growth still robust; likes KRW, TWD, and tech-linked MYR and SGD.

Corresponding source evidence

1. 22 September 2026 Market Highlights Risk sentiment improved, the Dollar was slightly stronger, while DM yields were stable, as optimism around Meta’s new personal assistant Muse boosted sentiment around the next phase of AI together with general positive tones out of US-China talks . · September 2026
2. CHART 1: THE BEST LEADING INDICATORS WE TRACK FOR ASIA’S EXPORT SHOW CONTINUED STRONG GROWTH FOR ASIA’S EXPORTS INTO 2027 Source: Bloomberg, MUFG GMR estimates. · 2027
3. For Asia FX and rates, this could mean continued strength in the infrastructure build-out, but with less focus on model training and continued shift towards the inference layer and also less focus on the most advanced chips as tech companies build for consumers.