Investor Ricky Ho closed profitable Indonesian equity positions (AMMN +55%, AADI +25%, MIKA +5%) due to deteriorating macro conditions: higher US yields, stronger USD, and elevated oil prices create headwinds for Indonesian assets, banks, miners, and consumers. He remains bullish on AI infrastructure (GPUs, HBM, foundries) as the real monetization phase begins, while staying short Indonesia risk and bearish on gold.