Adhi Utama

Parenting, Data & Tech Enthusiast

[Adhi Utama @humblenumber]

@Gieehad Tidak valid.

The top half of the economy is growing rapidly, while parts of the consumer-facing economy are growing much more slowly.

Hemat saya lebih ke “K-shaped”.

https://t.co/1EvJv5o3fp

Perlu dilengkapi dengan metrics lain, seperti median household income, employment, etc

[Adhi Utama @humblenumber]

@tanyakanrl Semarang atas, semalam mati lampu bergilir selama sekitar 3 jam. Idealnya kalau mau matikan lampu dikasih tahu dulu sebelumnya.

[Adhi Utama @humblenumber]

@Jateng_Twit Semarang atas, dari sekitar 17.30 selama kurang lebih 3 jam

[Adhi Utama @humblenumber]

@baseconvo Semarang atas, 3 jam padam dari sekitar 17.30 WIB

[Bloomberg @business]

Indonesia, Southeast Asia’s largest economy, risks losing 'emerging market' status, which could jeopardize billions of dollars in foreign investment. https://t.co/metwSeZ2Yz

[Adhi Utama @humblenumber]

@kompascom Standing on the right side of history 👍

[Ricky Ho @rickyho_1989]

This chart highlights one of the most important consequences of the AI boom: AI is no longer just a software story. It has become a trade, manufacturing, and industrial policy story.

The biggest beneficiaries in Asia are not necessarily the countries building the frontier models. They are the countries embedded in the physical AI supply chain. Malaysia stands out as the largest winner. AI-related exports have surged from roughly 28% of GDP in 2023 to around 35% in 2025, driven primarily by equipment exports. This reflects Malaysia’s growing role in semiconductor assembly, testing, advanced packaging, and data center infrastructure. Few countries have benefited more directly from the AI capex cycle.

Vietnam shows a similar trend, with AI-related exports approaching one-third of GDP. The country continues to attract manufacturing relocation, electronics investment, and supply chain diversification as companies seek alternatives to China.

Thailand is emerging as a second-tier beneficiary, while the Philippines appears more exposed to specific electronics and semiconductor niches rather than the broader AI hardware ecosystem.

The most striking observation, however, may be China and Indonesia. Despite dominating much of the global electronics manufacturing ecosystem, China’s AI-related exports as a share of GDP remain relatively modest. This likely reflects both the size of China’s economy and ongoing US export restrictions that have constrained certain segments of the advanced semiconductor supply chain.

Indonesia barely registers on the chart. This is particularly noteworthy given Indonesia’s ambitions to participate in the AI economy. The reality is that AI’s value chain today is overwhelmingly concentrated in semiconductors, servers, networking equipment, data centers, and advanced electronics manufacturing. Indonesia remains largely absent from these segments.

This reinforces a broader point that we have discussed repeatedly. Indonesia has attracted substantial investment into nickel, mining, and downstream processing, but has yet to establish a meaningful position in the higher-value layers of the technology supply chain. The countries capturing the largest AI-related export gains are those producing chips, servers, components, and manufacturing equipment rather than raw materials.

For investors, the implication is straightforward. The AI boom is creating winners at the country level, not just the company level. Malaysia, Taiwan, South Korea, and increasingly Vietnam are becoming leveraged plays on global AI capex.

Indonesia, by contrast, remains largely a spectator. Unless the country can attract meaningful investment into semiconductor manufacturing, electronics assembly, data center equipment, or other AI-adjacent industries, it risks watching one of the largest industrial transformations in decades unfold from the sidelines while its regional peers capture a disproportionate share of the economic benefits.

Chart courtesy of @WorldBankGroup

[Adhi Utama @humblenumber]

@ardisatriawan Pengalaman pribadi:

1) Semarang daerah atas, Banyumanik atau Candigolf.

2) Bawen, ada tol ~25 menit ke Semarang.

[Adhi Utama @humblenumber]

@susipudjiastuti @TxtdariHI +1

[Al Jazeera English @AJEnglish]

Indonesian youth rally nationwide over rising living costs, economic concerns, and controversial government policies.

Al Jazeera’s Jessica Washington reports.

[Bloomberg @business]

Indonesia has swung from an emerging-market darling to a global laggard, with insiders blaming the president and his inner circle for erratic and poorly communicated policies. https://t.co/6AlwZOjUqS

[Adhi Utama @humblenumber]

@ardisatriawan Median Pendapatan Rumah Tangga per bulan
Di SG: ~S$12,446 (per 2025), atau ~Rp. 172juta per bulan.
Di ID: ~Rp. 5,5juta per bulan.

Harga BBM ID vs SG: ~2.5x higher
Median Pendapatan Rumah Tangga per bulan ID vs SG: ~28x higher

Harga BBM di SG sangat terjangkau untuk rakyatnya.

[Adhi Utama @humblenumber]

@kompascom Median Pendapatan Rumah Tangga per bulan
Di SG: ~S$12,446 (per 2025), atau ~Rp. 172juta per bulan.
Di ID: ~Rp. 5,5juta per bulan.

Harga BBM ID vs SG: ~2.5x higher
Median Pendapatan Rumah Tangga per bulan ID vs SG: ~28x higher

Harga BBM di SG sangat terjangkau untuk rakyatnya.

[The Straits Times @straits_times]

Students hold ‘Heading to Bankrupt Indonesia’ protests against Prabowo’s policies https://t.co/WvH4R3lv4W

[Bloomberg @business]

Indonesia’s foreign-exchange reserves fell for a fifth straight month in May, underscoring the cost of policymakers’ efforts to steady the rupiah after its slide to a record low https://t.co/urfDQuxwVH

[The Spectator Index @spectatorindex]

🇮🇩 Indonesia's rupiah has fallen to record low of 18,150 per US Dollar.

[Anies Rasyid Baswedan @aniesbaswedan]

Saat masih kuliah di UGM, saya mendengar kabar seorang diplomat muda Indonesia di London berani tampil di BBC World Debate, berhadapan dgn diplomat senior Ramos Horta, di saat atmosfer internasional sedang menyudutkan Indonesia. Diplomat muda Indonesia itu tampil gemilang menjaga nama Indonesia tegak berwibawa. Di situlah pertama kali saya mendengar namanya: @dinopattidjalal.

Beberapa tahun kemudian, saat sedang menempuh progam PhD di Illinois, kami berjumpa langsung. Dino datang ke Chicago menjelaskan keadaan mahasiswa dan diaspora Indonesia pasca-9/11. Yg kami temui adalah diplomat muda yg cerdas, artikulatif, dan mampu menangani persoalan rumit dgn ketenangan diplomatik yg sulit ditiru.

Tahun 2012, sebagai Dubes di AS, Dino menggagas Kongres Diaspora Indonesia pertama di Los Angeles, mempertemukan diaspora dari seluruh dunia. Saya termasuk yg ia undang. Ia lalu mendirikan FPCI, komunitas kebijakan luar negeri terbesar dan berpengaruh, yg ikut melahirkan generasi diplomat baru, ujung tombak kita di panggung global.

Menguasai substansi, rekam jejaknya teruji, dan pengalaman memimpinnya luas. Itulah Dino. Karier diplomatiknya panjang dan ajeg, kecintaannya pada politik luar negeri Indonesia begitu dalam. Dino Patti Djalal, bukan karbitan jadi diplomat, bukan pula karbitan jadi pejabat.

[Eric Boehm @EricBoehm87]

Quote of the day

[Adhi Utama @humblenumber]

@ardisatriawan Objectively, from a risk-management perspective, investors would think: What sectors remain attractive? What political risks are non-diversifiable? How much exposure is acceptable? What’s the downside protection? Is there asymmetry? Hence the news.

[Bloomberg @business]

The Indonesian rupiah fell to a new all-time low as oil prices advanced and as local markets reopened after a two-day holiday https://t.co/QYFPtoc67F