SCB EIC says AI demand is still strong, but growth is concentrated in AI infrastructure (data centres, AI servers, semiconductors). Ordinary electronics exports have slowed to about 3-4% a year. Taiwan dominates advanced chips, China's share in high-end goods is shrinking, and ASEAN is positioning as a new production base. Middle East tensions and US trade measures are pushing up energy, logistics and chip input costs. For a Thai SME, the practical moves are to watch energy and freight costs and to look for a place in the supply chain if you already make electronic parts; otherwise there is no action needed this quarter.