The AI boom ignites Asian tech stocks, with emerging market equities surging 23% in a single quarter, marking the best performance in 17 years.

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Driven by the rise of Asian artificial intelligence concept stocks, emerging market stock indices have achieved their best quarterly performance in 17 years, successfully withstanding the market shocks brought by the Iran war and rising oil prices.

On the last trading day of the month, the MSCI Emerging Markets Stock Index closed up 1.5%. The Korean and Taiwan stock markets continued to lead the gains, becoming the main drivers of emerging market rallies so far this year. On a quarterly basis, the index rose by more than 23%, marking the largest quarterly increase since June 2009.

This round of gains was mainly driven by the Korea KOSPI Index and Taiwan Taiex Weighted Index. On Monday, Korea announced plans to invest around $880 billion to build new chip manufacturing plants, adding further momentum to the AI investment boom.

Guy Miller, Chief Market Strategist at Zurich Insurance, said:

“The real driving force has always been technology investment, and such investments are highly concentrated in Korea and Taiwan.”

He added:

“At some point, the market will eventually reach a new supply and demand equilibrium, and the profit margins that far exceed normal levels will gradually fade. However, for the time being, given that the US' hyper-scale cloud computing companies are still continuously investing huge amounts of funds and capital expenditures, this round of gains is very likely to have further room for continuation.”

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