Taiwan Semiconductor Manufacturing (TSMC) has increased its lead over India in the widely tracked MSCI Emerging Markets (EM) index, underlining how the global artificial intelligence (AI) rally is reshaping capital flows across emerging markets. According to the latest MSCI factsheet, TSMC alone now commands a 14.20 per cent weight in the MSCI EM index, surpassing India’s country weight of 11.94 per cent.