For the first time in years, not a single Indian company features among the top 10 constituents of the MSCI Emerging Markets Index, nor among the world's 100 largest companies ranked by market capitalisation, as a thundering rally in AI-linked stocks has concentrated global capital into a sliver of the investable universe with a speed and ferocity few anticipated.
The MSCI EM Index's top 10 is now dominated almost entirely by Taiwan and South Korean chipmakers and Chinese tech giants. Taiwan Semiconductor Manufacturing Co (TSMC) sits at the apex with a float-adjusted market cap of $1.85 trillion and an index weight of 14.46%, more than the entire contribution of several mid-sized emerging markets, including India. Behind it, Samsung Electronics commands 7.78% and SK Hynix 6.60%, making Korean memory chipmakers alone responsible for over 14% of the benchmark.
