Not just chipsWe have written extensively about the semiconductor-fueled surge in Korea and Taiwan, but this report examines the emerging-market story from a more traditional macro perspective. The takeaway is notable: EM strength appears broader than many investors appreciate. Growth remains resilient, financial conditions are manageable, capital is flowing back into the asset class, and valuations remain attractive versus developed markets, suggesting the rally may have deeper foundations than simply AI enthusiasm.EM outperforms - it is not just semiconductors
Emerging Markets Rally Broadens Beyond the Semiconductor Boom
While Korea and Taiwan remain key drivers, a wider set of emerging economies is benefiting from resilient growth, improving capital flows and valuations that still look inexpensive relative to developed markets.
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