The emerging markets technology sector has delivered truly outsized gains since the end of 2024, dwarfing broader emerging markets and even the strong advance in US technology. That strength has persisted despite tariff frictions in 2024 and the US-Iran war, underscoring the power of artificial intelligence-driven structural growth. We still see room for upside for the overall AI theme, but recognise that returns at this pace are unlikely to continue indefinitely. […]