Taiwan overtakes India as world's fifth-largest stock market

Taiwan's equity market has surged to $4.7 trillion, overtaking India's $4.9 trillion after the latter fell 7% this year while Taiwan gained 35%. TSMC alone now accounts for over 40% of Taiwan's main index and carries a $2 trillion market cap, making it one of the world's six most valuable companies as market data shows. The chip giant reported Q1 revenue up 35% to $35.9 billion, with net profit jumping 58% to a record. Global investors are rotating toward Taiwan and South Korea as pure plays on AI semiconductor demand, while India's limited hardware exposure leaves it outside the rally.