India, China see top firms lose market dominance in AI lag

The article says China, India and Hong Kong are the only major stock markets where the largest companies now make up a smaller share of total market capitalization than a year ago, highlighting that these markets are lagging the global AI boom. In China and India, the top 10 firms now represent about 19% of market cap, down from 26% and 22% respectively. Hong Kong remains the least top-heavy major market, with concentration slipping to 9.8% from 10%. The takeaway is that unlike AI-leading markets where mega-cap tech has driven concentration higher, these Asian markets have not seen similar AI-related market-cap gains, which may reflect weaker exposure to the rally and broader investor skepticism about their AI positioning.