AI Infrastructure and Memory Chip Stocks Power Global Market Rally

Analysts note a shift in the AI boom, separating “picks and shovels” providers—chips, data‑centers, power and networking—from the hyperscalers that embed AI in products. UBS researchers say AI‑infrastructure equities are set to outperform many large‑cap tech firms, with memory makers such as Samsung, SK Hynix and Micron seeing rapid profit growth.

Emerging‑market indices surged in Q2 2026, led by South Korea (+87.6%) and Taiwan (+48.9%), as semiconductor exposure drove performance. Dan Ives highlighted Korean memory chips as the “epicenter” of the AI cycle and warned that the U.S.–China tech rivalry will shape later stages. Meanwhile, fund managers like Terry Smith warn that a passive‑driven, momentum‑heavy AI rally may reverse quickly, recalling the 1999 pre‑dot‑com excess.

Australian analysts project AI‑related capex will lift corporate earnings about 11 % annually through mid‑2027, with insurers and select tech firms poised to benefit. Across regions, investors are debating whether the AI rally has gone “too far, too fast” and calling for greater selectivity and focus on companies that can demonstrate sustainable returns.