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🌏 EM's 2026 rally hides two very different trades under one index

🌏 EM's 2026 rally hides two very different trades under one index

South Korea's Kospi has nearly doubled in 2026 on an SK Hynix and Samsung AI chip rally, while Indonesia's central bank has hiked rates 100 basis points since May to defend the rupiah. Two unrelated stories, one "Emerging Markets" index number.

Line chart of fund total assets in USD billions for EWY (green line, 2000-2026) and DRAM (purple line, 2026), with DRAM at $24.4B and EWY at $23.8B.
Roundhill Memory ETF matched in three months the gains the iShares MSCI South Korea ETF took over 25 years to achieve, highlighting the rapid lift from AI-driven demand for high-bandwidth memory chips at Samsung and SK Hynix. Source

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