Vietnam's Stock Market Amidst Global AI Investment Surge

The first half of 2026 has seen a remarkable surge in global stock markets, largely fueled by a wave of investment in artificial intelligence (AI) and the semiconductor industry. According to S&P Global Market Intelligence, major stock markets have collectively increased their market capitalization by trillions of dollars, with the U.S. maintaining its position as the largest market globally. Asian markets, particularly South Korea and Taiwan, have also experienced significant growth driven by technology and chip manufacturing companies.

In this context, Vietnam's stock market has shown positive growth, primarily due to a few large-cap companies. However, the overall scale of Vietnam's market remains modest compared to leading global markets. Analysts note that Vietnam is gradually integrating into the global AI and semiconductor supply chains, which could open new opportunities for growth.

“Vietnam is gradually integrating into the global AI and semiconductor supply chains, which could open new opportunities for growth.”Hà Linh, Financial Analyst

International technology firms are increasingly investing in chip design, semiconductor packaging, and data centers in Vietnam. Although Vietnam does not yet have many companies publicly listed that directly produce chips, firms in IT, digital infrastructure, industrial zones, and logistics are expected to benefit from the ongoing global supply chain shifts.

The surge in AI investment has led to a broader ecosystem of funding beyond just leading companies like Nvidia and TSMC. The Philadelphia Semiconductor Index (SOX) has nearly doubled in the first half of the year, reflecting strong investor expectations for a new growth cycle in the semiconductor industry. Deloitte forecasts that global semiconductor revenue will reach approximately $975 billion in 2026, a 26% increase from the previous year, with AI-related chips expected to account for about half of this revenue.

Despite the positive momentum, risks remain. Many AI stocks are currently overvalued after rapid increases, and the market is becoming increasingly reliant on a small number of tech companies with massive capitalizations. Just ten stocks have contributed nearly all of the Nasdaq 100's gains in the first half of 2026, indicating a significant concentration of investment.

“Global semiconductor revenue is projected to reach approximately $975 billion in 2026, a 26% increase from the previous year.”Deloitte, Market Research Report

Should there be a slowdown in AI investment or disappointing earnings, the market could experience notable corrections. Some international experts warn that after a rapid rise, semiconductor stocks may face strong profit-taking in the short term. Nevertheless, in the long term, AI is viewed as a crucial growth driver for the global economy over the next decade, with significant room for investment in semiconductors, data centers, and high-performance computing.

This ongoing investment wave not only boosts the market capitalization of major stock markets but also presents opportunities for emerging markets like Vietnam to participate more deeply in the global technology value chain.