Semiconductors Are Still Running The Market

Global money continues flowing into chips while weak China exposure gets left behind.

Technology has been messy this year. There’s been volatility, failed breakouts, AI panic, valuation debates, and nonstop headline noise. But when you strip all of that away and look at where money is actually flowing, one thing stands out clearly:

Semiconductors continue to dominate globally.

You can see it all over the international leadership dashboard.

South Korea sits near the top of the leaderboard with a 74% YTD gain, and that matters because nearly 30% of EWY is tied directly to semiconductor exposure. Taiwan continues to show strength as well through EWT, where Taiwan Semiconductor ($TSM) remains the dominant holding. These are not random countries outperforming. They are tied directly to the semiconductor supply chain.

But what really stands out to me is EMXC — Emerging Markets ex-China.

That tells you something important.