Over the past year, the growing market share of AI stocks has impacted many global markets and increased global connectivity, according to new research from Morningstar Indexes.
According to the Morningstar Indexes 2026 Global Revenue Study, markets heavy on AI stocks, including the US, South Korea, Taiwan, China, Japan and the Netherlands all became more international in their revenue sources compared to last year.
The annual study, now in its seventh year, applies Morningstar’s company-level geographic segment data to 48 national equity markets included in the Morningstar Global Markets Index. This year’s study underscores the globalizing force that AI has become, with AI stocks that have appreciated like Broadcom, Samsung Electronics, Taiwan Semiconductor, Alibaba Group, Tokyo Electron and ASML increasing the amount of international revenues benefiting their home countries.
Revenue sources are an important consideration for investors looking for diversification benefits in their global equity exposure. The study includes correlation matrices showing that markets reliant on AI are more closely tied than those with no exposure.
Dan Lefkovitz – Strategist, Morningstar Indexes:
“Revenue mapping can be an important tool for investors. When considering geographic exposure, it’s important to remember that some national equity markets are more national than others. AI has been a major driver of globalization, but it’s having a varied impact on global equity markets. Revenue dynamics change over time, underscoring the need to review them on a regular basis.”
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