How markets have developed in 2026 so far

Artificial intelligence has reasserted itself as the dominant market theme in 2026. In the second quarter, investor attention moved back towards semiconductors, memory chips, digital infrastructure and the wider AI supply chain, helped by easing Middle East tensions, lower oil prices and a more supportive backdrop for risk assets. That shift supported strong returns in parts of the equity market. Emerging markets ex China were a standout area, with South Korea benefiting from exposure to the AI memory and semiconductor supply chain. In the US, enthusiasm around AI infrastructure and m...