Two of Asia's biggest stock markets are now hostage to a single bet: that the AI chip boom doesn't stumble. Three companies — TSMC, Samsung Electronics, and SK Hynix — have absorbed approximately 28% of the entire MSCI Emerging Markets index between them, more than 2.6 times India's total 10.87% country weight in the same benchmark.
For emerging market (EM) investors, it is a concentration level with no historical precedent, parked in two countries, where an entire regional allocation now lives and dies by one order book, one export curb, one US trade policy pivot.
