Non-AI Nifty suddenly beating Nasdaq, South Korea & Taiwan bourses: Is the global tech trade finally reversing?

Nifty has outperformed global peers over the past month, rising 3.3% while Nasdaq slipped 3%, Kospi tumbled 13%, and Taiwan gained a modest 1.2%. Foreign institutional investors turned net buyers of Indian equities to the tune of Rs 7,000 crore between June 15 and July 1, reversing their earlier selling streak, while trimming exposure to Korea's AI-heavy semiconductor leaders. Experts including Geojit's VK Vijayakumar argue the AI trade is fizzling out structurally, benefiting non-AI markets like India, with further tailwind from crude oil around $70 a barrel.