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Taiwan Vaults Past India as Chip Rally Reshapes Emerging Markets

Emerging-market equities extended their advance as Taiwan's stock market surpassed India's in total valuation, driven by a rally in semiconductor stocks. Taiwan Semiconductor Manufacturing Company's breakneck rally powered the shift as investors bet on chipmakers supplying global artificial intelligence infrastructure. South Korea's benchmark index reached record levels on similar semiconductor strength. The momentum in tech-heavy markets contrasts sharply with headwinds elsewhere in the developing world. Sri Lanka implemented aggressive monetary tightening as geopolitical tensions and an oil crisis push regional currencies toward historic lows. The Bank of Korea faces mounting inflation risks from Samsung Electronics' recent worker bonus agreement, which economists warn could pressurize housing markets.