Taiwan is now the largest country in the MSCI Emerging Markets Index. It held 24.8% of the index, surpassing China at 23.1%, as of April 30, 2026. The catalyst? AI. Specifically, the scale of AI-driven demand for semiconductors. Taiwan’s semiconductor industry accounts for 16.2% of the index on its own, contributing to IT’s surge to nearly 37% of EM, up from 31.8% just one month earlier. For investors, broad EM exposure today is structurally different than a year ago, with more technology, more semiconductors and a more direct stake in the global AI build-out.