[Chip Stock Pullback Drags Asian Markets, Australian Equities Outperform]

Published: Jul 21, 2026 13:38

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In recent months, AI trades have continued to disrupt Asian equity markets, while the Australian market has demonstrated notable resilience. The S&P/ASX 200 Index is on track to outperform the MSCI Asia Pacific Index for a second consecutive month, marking its longest streak of outperformance since November 2024. Australian equities’ limited exposure to chipmakers, once considered a drawback during the AI rally, has now become a source of resilience. As semiconductor stocks in markets such as South Korea and Japan have tumbled, this characteristic has helped Australian equities withstand the market shock. This shift also underscores that, as volatility intensifies, investors are growing increasingly cautious about the crowded AI trade and beginning to rotate capital into other markets.

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