The Emerging Markets Podcast by Tellimer

The AI Giants in Emerging Markets: TSMC, Samsung, SK Hynix and China's AI Tigers

Sep 25, 2026

Kevin T. Carter, founder and CIO of EMQQ Global, is an emerging-markets investor and index strategist. He explores AI’s five-layer stack, from power and chips to applications, and the pivotal roles of TSMC, Samsung and SK Hynix. The conversation also examines China’s AI Tigers, open-weight models gaining traction in the US, shifting market definitions and the global debate over AI safety.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Three AI Suppliers Drove Most EM Returns

Three companies, TSMC, Samsung, and SK Hynix, generated roughly 80% of the emerging-market index’s return.
Their AI-driven gains created a sharply concentrated index, with the trio reaching about 33% of MSCI Emerging Markets by the second quarter.

INSIGHT

Korea Classification Split ETF Returns

ETF performance diverged dramatically because MSCI classifies Korea as emerging while FTSE classifies it as developed.
Investors in Vanguard’s FTSE-tracking fund therefore missed the powerful rally in Samsung and SK Hynix.

ANECDOTE

The Frontier Index That Owned Rich Gulf States

A frontier-market index marketed as exposure to low-income growth held roughly 70% in wealthy Qatar, Kuwait, and the UAE.
The example shows how technical market-access rules can produce portfolios that contradict their labels.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Kevin T. Carter, Founder and CIO of EMQQ Global, returns to join Tellimer Founder and CEO Duncan Wales to look at how artificial intelligence has reshaped emerging market investment opportunities. Drawing on Kevin's two decades in emerging markets and his career building index strategies, the conversation examines how emerging markets have outperformed the S&P 500 since January 2025. Much of that gain comes from just three companies: TSMC, Samsung and SK Hynix. They explore how concentrated the MSCI Emerging Markets Index has become, and why the question of whether Korea counts as an emerging market has split the returns of the largest EM funds. They map the AI opportunity across its five layers, from power and chips to data centres, models and applications. The episode also covers China's AI Tigers, why low-cost open-weight Chinese models are winning adoption among US companies, and the growing debate over AI safety and regulation between Washington, Beijing and the AI labs.

The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.

DISCLAIMER

This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice.

Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

For more information, please visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.