Emerging markets hit by tech stock rout

Emerging markets have been hit by a sharp selloff in tech stocks, with South Korea's Samsung and SK Hynix losing hundreds of billions in market value and Taiwan's TSMC falling nearly 14%. The volatility has surpassed COVID-era peaks and made MSCI's EM benchmark more top-heavy than the U.S. index. Investors are pulling out at record rates, questioning the diversification benefits of emerging markets as AI-related hardware firms dominate.