Industrial Securities Co.,Ltd. has released a research report indicating that, based on the dynamic changes in the market capitalization share of the technology sector across various markets, the U.S. stock market, South Korean stocks, Taiwanese stocks, and A-shares have been the primary beneficiaries of the current AI industry wave. The proportion of market capitalization held by the technology sector in these markets has either surpassed or approached the levels seen during the internet boom of 2000. Since the onset of this AI-driven industrial surge, the market capitalization share of the technology sector in U.S., South Korean, Taiwanese, and A-shares has increased significantly, now exceeding or nearing the figures from the dot-com era. This trend reflects global investors' recognition of the technological competitiveness in these regions. In contrast, the technology sector's market capitalization share in European stocks, Hong Kong stocks, Japanese equities, and the Indian stock market has not shown notable changes. From a global perspective, the proportion of technology market capitalization in A-shares is at a moderate level. As economic drivers have shifted, the technology sector's share in A-shares has risen from 10% in 2010 to the current 30.8%. This level is lower than that of Taiwan (76.7%), South Korea (55.8%), and the United States (45.2%), but higher than Japan, Hong Kong, and Europe. The beta of global equity assets has pivoted toward technology. Since the imposition of reciprocal tariffs in April of last year and the U.S.-Iran conflict in April this year, the performance of major markets and their technology sector market capitalization shares have shown a significant positive correlation. Markets with a larger proportion of technology market capitalization have also experienced relatively higher gains. This indicates that both the global bull market since last year and the recovery of global equity assets following the U.S.-Iran conflict are fundamentally driven by the AI industry wave.
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