"‘AI Apocalypse’ report suggests Asian tech stocks may emerge as winners, author names MiniMax and Zhipu."

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A research report depicting a "dystopian" future for artificial intelligence triggered sell-offs among global software stocks, but unexpectedly became a catalyst for Asian stock markets—investors are turning their attention to chip manufacturers, data centers, and foundational AI model companies, where Asia holds a particularly prominent competitive advantage in these areas.

According to a previous article by WallstreetCN, the report released by Citrini Research and co-authored by Lotus Technology Management's Chief Investment Officer Alap Shah, ignited a new round of concerns about the erosion of business models in the software industry. In a Bloomberg TV interview, Shah stated that semiconductor, data center, and foundational model lab companies are the core beneficiaries in AI trading, naming TSMC, Samsung Electronics, and SK Hynix as the most representative chip manufacturers, and pointing out that the stock prices of China's MiniMax and Zhipu have more than doubled this month.

This wave of Asian gains driven by tech hardware pushed the MSCI Asia-Pacific Index's performance, relative to the S&P 500, to a record best start this year. Meanwhile, Bloomberg data shows that the weekly correlation coefficient between the MSCI Asia-Pacific Information Technology Index and the Nasdaq 100 Index has dropped to 0.45, the lowest since October 2017, highlighting increasingly divergent trends between Asian and American tech stocks.

This divergence reflects a structural rotation of capital—investors are shifting from AI pioneers bearing heavy expenditure pressures to hardware manufacturers with stronger pricing power, and Asia has a natural advantage in this chain.

Semiconductors: The Biggest Winners in AI Investment Allocation

One of the core logics of the Citrini report is the erosion of software business models, with rapid iteration of generative AI tools such as Anthropic PBC's Claude accelerating this concern. However, for Asian semiconductor companies, this precisely means a continuously expanding demand for computing power and capital expenditure.

TSMC, Samsung Electronics, and SK Hynix are the core of Asia's chip sector. TSMC's weighting in the Taiwan Weighted Index is as high as 45%, about three times that of a decade ago; Samsung and SK Hynix together account for nearly 40% of the Korea Composite Stock Price Index (Kospi), which has become one of the world's best-performing major indices this year. Reports from Korea indicate that semiconductor exports have increased 134% year-on-year since February, and the Bank of Korea predicts economic growth this year will be "significantly higher" than last year.

Vey-Sern Ling, Managing Director at Union Bancaire Privee Singapore, said:

"TSMC, Samsung, and SK Hynix are direct beneficiaries of continued growth in AI spending. The real AI panic trade began in the software sector, and most of the world's renowned software companies are listed in the United States."

Asia-US Tech Correlation Falls to Seven-Year Low

This trend of divergence is clearly evident in the data. According to Bloomberg, the weekly correlation coefficient between the MSCI Asia-Pacific IT Index and the Nasdaq 100 Index has fallen to 0.45, the lowest since October 2017.

Vey-Sern Ling also noted that other major components of the MSCI Asia-Pacific Index—including banks, raw materials, and industrial companies—are relatively insulated from the direct impact of AI disruption, which objectively further reduces the overall sensitivity of Asian markets to AI panic sentiment.

Christopher Forbes, Head of Asia at CMC Markets, stated: "Decoupling has begun. Asian corporate earnings growth is expected to remain at 13% to 14% until 2027, and any view that emphasizes re-linking while ignoring differences in index composition is fighting the wrong battle."

Asia’s AI benefit map extends beyond traditional semiconductors. In China, new AI lab companies such as MiniMax Group and Zhipu have each more than doubled in share price this month, offering investors a rare pure exposure to foundational AI models. Alap Shah also noted that Japan plays a critical role in the semiconductor equipment value chain, making it an indispensable component in AI infrastructure construction.

Indian IT Services on the Weak Side

Not all Asian tech companies are benefiting from this round of gains. Indian IT service firms represented by Tata Consultancy Services and Infosys have dropped more than 20% in tracked indexes since Anthropic released Claude, facing business model pressures similar to those of US software companies.

Nevertheless, many market participants believe the logic behind Asian tech stocks’ overall outperformance remains sustainable, supported by differentiated positioning in the AI ecosystem, relatively lower valuations, and stronger expected earnings growth.

Chetan Seth, Asia-Pacific equity strategist at Nomura Securities, said:

"As long as the AI capital expenditure theme continues, Asian stock markets will be more resilient. Asia is the manufacturing hub for the key hardware infrastructure needed for AI investment, and core Asian markets such as Korea are highly concentrated in companies that benefit from this trend."

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