What if the biggest AI winners aren't AI companies at all?

Hosted by Michelle Martin, we unpack how Jardine Matheson is preparing its next chapter after a US$10 billion transformation spree, while BYD unveils China's most advanced EV chip in a push to dominate smart driving.

Ford is also surprising investors as its energy-storage business emerges as an unexpected AI play, helping power a sharp rally in its shares.

Meanwhile, Wall Street continues its march to record highs on strong corporate earnings, even as investors keep one eye on a fragile US-Iran truce and the risk of an oil price shock.

In UP or DOWN, we track Brent crude, Dell's blockbuster AI-fuelled growth, Costco's record fuel sales, The Gap's stumble, plus Singapore-listed Valuetronics and OKP Holdings.

Companies in focus: Jardine Matheson, BYD, Ford Motor, Dell, Costco, The Gap, Exxon, Valuetronics and OKP Holdings.