The original text comes fromWSJ
Translation / Odaily Planet Daily Golem (@web 3_golem)
Na Se-bin has completely lost her sense of consumption.
Since January of this year, attracted by the global AI craze, she has invested nearly all of her life savings (about $47,000) into the stock market, which is helping South Korean, Taiwanese, and Japanese tech giants make substantial profits.
The 24-year-old South Korean programmer stated that during intense market fluctuations, she made or lost an amount equivalent to a month's salary in just one second. Despite the enormous risks, she couldn't resist, especially after seeing the price of her stocks double. Over the past 18 months, the South Korean stock market has been the best-performing in the world, and Na and her colleagues joke that they should sell their underwear to buy more stocks.
"Even friends who have never touched stocks before are now getting involved," Na said, "everyone is speculating on something."
Na Se-bin, a 24-year-old software developer from Seoul, started investing in stocks in January and quickly became addicted. (Photo by Tim Franco for The Wall Street Journal)
Trillions of dollars are flooding into global AI development, relying on semiconductor and chip manufacturing technologies provided by a few Asian exporters. The global demand for chips seems never-ending, boosting exports, corporate profits, and the wealth of numerous investors.
Even with a recent pullback, the Taiwanese stock market's market value has still doubled in the past year, while the South Korean stock market has tripled, and the Japanese Nikkei Index has risen over 80% during the same period, three times the S&P 500's increase.
The accelerated growth in demand for AI-related products is stimulating investor enthusiasm and driving up wage levels. In Taipei, taxi drivers even trade stocks while driving, and in the job market, the high salaries in the tech industry are enviable; nowadays, one of the most effective "pick-up lines" in Taiwan is to mention that you work at TSMC (Taiwan Semiconductor Manufacturing Company), which is the world's largest chip foundry and also one of the most generous employers in the area. Employees in Samsung Electronics' memory chip division are expected to receive average bonuses of about $400,000 this year, and the company anticipates its profits will exceed those of any global company other than NVIDIA by 2026.
Regardless of whether OpenAI's ChatGPT, Anthropic, and SpaceX can fulfill the promise of AI service commercialization, this part of the tech industry seems destined to benefit from it. These Asian tech giants provide indispensable hardware for the AI industry, likened to "shovel sellers" during the gold rush in artificial intelligence.
The four major data centers in Silicon Valley—Microsoft, Meta Platforms, Amazon, and Google under Alphabet—plan to invest up to $670 billion in AI-related capital expenditures this year. This spending level far exceeds the inflation-adjusted expenditures during the U.S. railroad expansion in the 1950s, and it surpasses the decades-long construction costs of the U.S. interstate highway system initiated a century later.
According to Allianz Trade reports, last year, global exports of AI-related products neared $4 trillion, of which Asia accounted for two-thirds. These products include semiconductors, data storage servers, and cooling systems.
Market research firm Gartner predicts that this year's direct spending in the AI field (covering services, infrastructure, and software) is expected to reach $2.6 trillion, a 47% increase over 2025. Next year, this figure is projected to reach about $3.5 trillion.
The CEO of the leading chip design company NVIDIA, Jensen Huang, recently concluded an 18-day high-profile visit during which he attended a series of events, speeches, and business talks in Taiwan and South Korea.
In Taipei, convenience stores are selling lottery tickets with the chance to win 500 shares of NVIDIA stock. Huang announced plans to invest $150 billion annually in Taiwan, which he called the center of the AI revolution. In South Korea, Huang signed cooperation agreements with local businesses in robotics, memory chips, and AI.
During Huang's visit to Seoul, trading of the KOSPI (Korean Composite Stock Price Index) was halted after a drop of over 8% on June 8, following a sell-off of U.S. chip stocks, including NVIDIA. Even in the sweltering heat of Seoul, Huang wore his signature leather jacket, unfazed by the falling stock prices.
"Everyone should be very happy about the current stock prices," he said, "because now it's cheaper to buy stocks."
Global Top Ten Stock Markets by Market Value Ranking in 2026 and the Shares of TSMC and SK Hynix in Their Respected Markets
Na only started trading stocks this year, and she estimates that over 80% of the people in her social circle are actively investing, just like her colleagues. She says a colleague earned a lot from stock investments and spent tens of thousands of dollars on a wedding ring.
Now, Na is "generous" with concert tickets, designer clothing, and treating her parents to meals. She originally planned to buy a gold ring for her mother to celebrate her parents' 30th wedding anniversary, but her mother refused.
"She asked me to give her cash instead," Na said, "to use for buying stocks."
TSMC on a Pedestal
37-year-old insurance agent Ye Lun-hao invests more than half of his monthly salary of about $2,100 into local AI and chip-related companies. His investment returns have quadrupled, and he recently purchased a four-bedroom apartment in Taichung, Taiwan, valued at about $440,000.
For years, his friends kept their distance from stock market investments. Now, they are all seeking his advice on where to invest.
Ye Lun-hao, a 37-year-old insurance agent, sits in the lobby of a Taichung apartment building. Written by Lin Yifei for The Wall Street Journal
"Without semiconductors, none of this would happen," Mr. Ye said. "Investing has allowed me to break free from simply being overworked and enjoy the beauty of this world."
TSMC is the main driver behind the rise of the Taiwanese stock market. According to technology market research firm Counterpoint Research, last year, TSMC accounted for over 90% of revenues in the cutting-edge chip manufacturing sector. TSMC is the seventh most valuable company globally, with a market capitalization exceeding $2.2 trillion, surpassing Tesla and Meta.
The company's stock price has more than doubled over the past year, propelling the Taiwan Composite Index past comparable markets in France, the United Kingdom, and India.
This chip manufacturer holds over 41% of the Taiwan Composite Index. In comparison, the combined value of the seven tech giants—Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta, and Tesla—only accounts for about one-third of the S&P 500 index.
TSMC engineers' salaries may be three times that of equivalent positions at other companies. Choc Chiang, co-founder of Taipei recruitment platform WeFer, stated that some managers poached by TSMC from smaller companies saw salary increases of up to 30%.
Wang Canlong, the owner of a high-end liquor store in Zhubei, Taiwan, has supplied TSMC multiple times. He recalls selling a bottle of Napa Valley whiskey to TSMC founder Morris Chang. Now, his shop is too small to meet TSMC's demands. "We look up to them," he said, "with awe and respect."
Wang Canlong is the owner of a liquor store in Zhubei, Taiwan, and he has sold a large amount of beverages to TSMC (TSMC). (Lin Yifei / The Wall Street Journal)
Wang Weiwen earned an engineering degree in Taiwan, and one of his course assignments was to visit a TSMC factory, where the base salary is about $62,000 per year. He said such salary levels are virtually unheard of, "Every household is talking about TSMC."
He is now pursuing graduate studies at the University of Michigan, and TSMC recruiters have also called him. Although Wang Weiwen has concerns about the company's demanding work hours, he sees other benefits beyond the generous salary; becoming a TSMC engineer brings a social status that is very attractive to Taiwanese parents who are very picky about their daughters' suitors.
Mr. Wang said, "Your pick-up line could simply be 'I work at TSMC.'"
Products with the TSMC logo are also highly valued in the second-hand market. A rice cooker with the company logo and circuit board markings sells for about $312 on e-commerce platforms, more than four times the purchase price for TSMC employees. Shoppers scramble to buy TSMC-branded suitcases, thermos cups, and shoes; even the red envelope packaging received by TSMC employees during holidays can be sold online for nearly $15 each.
The Revelry of Ordinary People
The South Korean market is dominated by two major chip giants, Samsung and SK Hynix, which lead in the production of the two main types of memory chips used in AI computing and data storage.
Customers are lined up outside a Cartier store in a large department store in Seoul; the Samsung Electronics campus. Tim Franco wrote for The Wall Street Journal
Both companies recently surpassed a market value of $1 trillion, accounting for more than half of the total market capitalization of the KOSPI (Korean Composite Stock Price Index). The KOSPI was the best-performing index in the world last year and continues to lead global rankings this year.
Choi Sung-ho, 35, an ordinary elementary school teacher, is also one of the beneficiaries of the South Korean stock market. In the past year, his Korean stock investment portfolio has grown nearly fivefold, exceeding $300,000, including investments in ETFs tracking semiconductor stocks. He says he has upgraded his mobile device and plans to spend six figures on his next car, which may be a Mercedes S-Class or a Tesla Model X.
"Even the kids at my school are saying their parents are happy with the stock gains," Choi said.
In the first three months of this year, South Korean brokerage Toss Securities opened over 180,000 trading accounts for children aged 18 and under. These accounts require parental approval to open and allow children to trade independently. Recently, the company launched a promotional campaign offering $14 in trial funds to new accounts opened by high school students.
On YouTube, the "ETF explaining bros" channel is one of the emerging "financial influencers," providing market advice. Channel owner Park Soo-in stated that since its launch last July, the channel has attracted over 127,000 fans. "Many seem to think this upward trend will continue," she said.
The stock market's gains have further boosted an already strong luxury goods market. A Cartier store inside a large department store in Seoul is crowded to the point that some of their "D’Amour" collection jewelry products can now only be purchased online.
The sales manager at a BMW dealership in Seoul, Lim Chae-hoon, mentioned that his customers frequently talk about profits they have made due to the rising stock market. "Indeed, more people currently have extra funds," he said.
The sales manager at a BMW dealership in Seoul, Lim Chae-hoon, stated that customers now feel more financially comfortable. Tim Franco wrote for The Wall Street Journal
In Japan, Toyota has held the title of the most valuable company for 22 consecutive years, but this month it was replaced by SoftBank Group, which has made massive investments in OpenAI and data centers.
SoftBank's dominance did not last long. Last Friday, a little-known storage chip manufacturer, Kioxia, jumped to the top. A year ago, Kioxia's stock price was about $14, and it has now risen to about $600. Kioxia's success has triggered a rush for the next potential market star.
Even Japan's luxury bathroom manufacturer TOTO is profiting from the AI boom. Its high-tech ceramics are used to fix silicon chips in place, ensuring they remain still during circuit etching. The company's stock price has more than doubled.
Another company, Ajinomoto, is utilizing by-products from its globally renowned umami seasoning to manufacture the insulating film for AI chips, resulting in a 50% increase in its stock price.
21-year-old Ryoki Nao is an excellent student majoring in semiconductor engineering at a university in Kumamoto, Japan. His classmates are investing, but he is not. Although Ryoki Nao keeps an eye on market trends, he plans to graduate and find a job before considering investments.
"I want to wait until I can make a substantial income before I invest," he said, but the stock market's frenzy may not wait for him.
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