Regime
Semiconductor concentration inside country weights amplifies IEMG versus SCHF divergence 1 AI & cloud capex memory + foundry demand Samsung memory Hynix HBM TSMC foundry Korea Korea Taiwan 2 Index classification EM vs DM weights heavy pipe Korea + Taiwan thin pipe Korea only IEMG · emerging markets Korea · semis Taiwan · semis China India Rest of EM SCHF · developed ex-US Japan UK France Canada Korea · semis no Taiwan in DM IEMG amplified both ways semis lead cycle turn · dollar up 3 4 SCHF muted swing