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(Bloomberg) -- Taiwan overtook India in stock market value, powered mainly by a breakneck rally in the world’s largest chipmaker Taiwan Semiconductor Manufacturing Co.
Nvidia CEO Urges Super Micro to Tighten Up on Compliance Trump Doctor Visit Renews Health Scrutiny as 80th Birthday Nears Trump Says He’ll Announce Negotiated Deal With Iran Shortly Rubio Sees Good News Coming on Hormuz as Iran Talks Continue US, Iran Inch Toward Deal as Gaps Remain on Uranium, Sanctions The island’s market capitalization climbed to $4.95 trillion as of Monday, according to data compiled by Bloomberg.
India’s value has dropped to $4.92 trillion.
Taiwan’s stock market is now the fifth largest in the world, behind only the US, mainland China, Japan and Hong Kong.
Taiwan’s ascent up the global equity rankings is largely driven by TSMC, which now accounts for about 42% of the benchmark index, representing intense market concentration.
The chipmaker’s shares have rallied 46% this year as it has benefited from the artificial intelligence trade, in which its semiconductors have a dominant market position.
The surge in the island’s market value highlights intense optimism in AI that is triggering a global rally in tech shares, disproportionately benefiting manufacturing hubs such as Taiwan and South Korea.
India, on the other hand, is grappling with surging energy cost, slowing corporate earnings growth and the lack of companies directly linked to the AI buildout.
“Taiwan’s rising market capitalization is fundamentally a reflection of its heavy concentration in tech hardware, which is currently at the center of the AI investment cycle,” said Yi Ping Liao, a fund manager at Franklin Templeton.
“Markets with limited exposure to tech hardware are increasingly being overshadowed by tech hardware–heavy markets such as Taiwan and Korea.” The Taiex Index fell 0.3% on Tuesday.
The gauge remains among the world’s best performers this year, having risen more than 50%.
Taiwan’s financial regulator last month increased the limit that domestic funds can invest in a single stock.
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