HSBC economists have cautioned that global trade growth could decelerate if demand for AI-related goods diminishes. Currently, these goods are pivotal, contributing to 80% of global export growth in nominal terms. They represent a significant portion of Taiwan's exports and 27% of US imports. The report highlights that excluding technology products, export growth has been stagnant since 2024. Despite this, AI continues to bolster services trade growth. HSBC notes that even if AI investment growth slows, the current AI boom is expected to persist, supported by capital expenditure forecasts from major cloud service providers.