AI Is Rewriting the Global Stock Market Rankings

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0:00The AI boom is not just changing tech stocks.

0:03It is changing the ranking of entire stock markets.

0:07Taiwan has climbed past Canada and India to become the world's fifth largest equity market,

0:12while South Korea has moved into sixth place.

0:15It's the AI theme which is driving things. So, we have this kind of perfect positive

0:19storm of industry fundamentals which are resulting in very, very rapid profit growth.

0:25Behind that rally is a massive buildout in AI infrastructure.

0:29The US hyper-scalers

0:31Meta

0:32Microsoft

0:33Amazon

0:33and Google, are set to spend around 720 billion on capex this year, up from around

0:39415 billion last year. And virtually all of that capex goes into data centers.

0:45Taiwan is the clearest example of how AI can reshape a national stock market.

0:50TSMC manufactures advanced chips for many of the world's biggest technology companies.

0:55It now accounts for more than 40% of Taiwan's total stock market capitalization.

1:00But South Korea's rise looks different. It is not just a Samsung electronics and SK Hynix story.

1:06If you strip in Korea, Samsung and Hynix out of the calculation,

1:11the profit growth this year is still going to be 40 to 45%. The market is actually deeper

1:15and broader and has more opportunities than just the superstar memory stocks.

1:20The question now is whether this is a temporary

1:22semiconductor rally or the start of something more structural.

1:26The bullish case depends on one major assumption

1:29that the AI infrastructure boom keeps turning into real profits.