The ratio of the MSCI Emerging Markets Semiconductor Index to the "Magnificent Seven" has risen to a record high of approximately 205, more than doubling since the beginning of 2026.

Meanwhile, the "Magnificent Seven" has fallen 7% year-to-date, while the MSCI Emerging Markets Semiconductor Index has surged 91%.
This is primarily driven by South Korean chipmakers, with SK Hynix and Samsung rising 348% and 199%, respectively, over the same period.
This outperformance has accelerated further this month. Since June, the "Magnificent Seven" has dropped 14%.
At the same time, SK Hynix and Samsung have gained 25% and 13%, respectively.