TSMC(US:TSM) 智通财经网·2026-02-21 01:33Group 1 - The U.S. Supreme Court's ruling against Trump's tariffs has led to a strong rally in emerging market assets, with a benchmark index for emerging market currencies reversing weekly losses and an emerging market ETF reaching a historical high [1][5] - Michael Hartnett, a strategist at Bank of America, emphasizes that emerging markets are likely to outperform the U.S. market amid the decline of "American exceptionalism" and a shift in global growth focus [1][7] - The iShares MSCI Emerging Markets ETF has seen a rare "ten consecutive days of gains," reaching a historical peak, with trading volume significantly above its 20-day average [1][4] Group 2 - The strong performance of key stocks like TSMC, Samsung, and SK Hynix has contributed to the iShares MSCI Emerging Markets ETF's rise, which has increased by 14% in 2026, outperforming the S&P 500 and Nasdaq 100 [4] - The ongoing global AI boom and the "sell America" narrative have positioned the Korean stock market as one of the best-performing markets globally, with a 40% increase in its benchmark index this year [4][8] - The Supreme Court's tariff decision is seen as a catalyst for emerging market currencies, highlighting significant uncertainty in U.S. government policies and driving diversification trends [5][8] Group 3 - Recent U.S. economic data indicates weakness, with GDP growth falling short of expectations and inflation measures exceeding forecasts, creating mixed signals for the Federal Reserve's interest rate outlook [6] - Despite geopolitical tensions, most Wall Street strategists believe that these will not escalate into a full-scale war, allowing emerging markets to maintain their strong upward momentum [6][7] - The uncertainty surrounding U.S. fiscal policies and high valuations in the U.S. market are prompting large investors to seek diversification in emerging markets, which are seen as more attractive in terms of valuation and growth expectations [8]