India Overtakes Taiwan to Become World’s 5th Largest Stock Market Again

India has reclaimed its position as the world’s fifth-largest equity market, overtaking Taiwan with a total market capitalization of roughly $5.4 trillion after adding about $640 billion since late October, according to Bloomberg data. The shift was driven by a weakening artificial intelligence trade and falling oil prices rather than fresh domestic inflows. India had briefly held the same ranking in June before Taiwan moved back ahead, underscoring how quickly the two markets have traded places. The reversal highlights the sensitivity of Taiwan’s AI-heavy index to sentiment swings in the global chip trade, while India’s broader market benefits when energy costs ease. Investors will watch whether the AI-driven volatility persists and whether oil prices stay subdued, since both factors, rather than earnings momentum, determined this ranking change.