The TransformationEmerging markets are changing. What was once a commodity and currency story is increasingly an Asian AI trade dominated by semiconductors, mega-cap tech and volatility dynamics that look more like Korea than traditional EM. That shift is driving performance, but it is also transforming the behavior of the asset class.Leaving SPY behind
The AI Beast Inside EEM
EEM isn't an EM ETF anymore. It's an Asian AI ETF. TSMC, Samsung and SK Hynix make up ~30% of the index. VXEEM increasingly behaves like Korea, not emerging markets.
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