Listen on The Move
What if the biggest winners of the global AI arms race aren't in Silicon Valley — and passive investors are already exposed to them without knowing it?
Host Pierre Daillie sits down with Kevin Carter, CIO of EMX ETF, for a conversation that fundamentally reframes what emerging markets means in the age of AI. Kevin reveals how three semiconductor giants — TSMC, Samsung, and SK Hynix — have quietly come to represent a third of the MSCI Emerging Markets Index and nearly all of its recent returns, why the hyperscaler CapEx debate misses the real story, how China's open-weight AI models have already surpassed US models in total token usage, and why India may become the world's most important AI implementation market. From DeepSeek's origin story and China's Six AI Tigers to a stunning ETF performance gap that blindsided Vanguard investors, this conversation challenges everything advisors think they know about international allocations.
Chapters
0:00 — The old EM story vs. the new one: three chip names now own 31% of the benchmark
1:00 — Welcome: Kevin Carter returns to Insight Is Capital
3:30 — Is the MSCI EM Index still doing its job? The concentration question
6:30 — The Mag Three: how TSMC, Samsung, and SK Hynix drove EM past the S&P
9:00 — Where all that hyperscaler CapEx is actually going
11:30 — $965 billion in two years: the Mag Three's staggering profit outlook
13:00 — iShares vs. Vanguard: how Korea exclusion cost investors 30 percentage points
15:00 — EM as a direct beneficiary of US AI infrastructure spending
21:00 — The five-layer AI stack: who really controls the supply chain
24:00 — Power constraints: China has three times the US electricity capacity
25:30 — The model layer: OpenAI, Anthropic, and the race at the top
31:30 — China's Six AI Tigers and Tsinghua University's startup machine
34:00 — DeepSeek's origin story: from quant hedge fund to AI disruptor
35:30 — The DeepSeek moment: $6.5M model, Nvidia drops 30%
38:00 — Chinese models now lead globally in total token usage
39:00 — From token maxi to token mining: the bill arrived
43:00 — Unintended consequences: how chip sanctions accelerated China's innovation
46:30 — Hong Kong's AI IPO pipeline: 300 listings in the queue
55:30 — India's AI thesis: implementation over frontier model development
59:30 — Final word: what advisors should tell clients about EM today
1:02:00 — Wrap-up: EMX ETF, EMQQ, FMQQ, and the TGRZ Tigers LLM ETF
More...
Kevin Carter on Linkedin
EMXETF
#EmergingMarkets #AIInvesting #TSMC #DeepSeek #ChineseAI #EMXetf #EMQQ #MagThree #AISupplyChain #OpenWeightAI #IndiaAI #HongKongIPO #KimiK3 #TGRZetf #InsightIsCapital #AIStocks #Semiconductors #GlobalInvesting #WealthManagement #FinancePodcast #MacroInvesting #PierreDaily #KevinCarter #ETF #AIRace
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