Asian chipmakers and European defence companies are among the biggest winners on stock markets in 2025 while US consumer stocks have suffered, as the artificial intelligence boom and Donald Trump’s trade war became major dividing lines for global equities.
The AI rally has powered Wall Street’s rebound from a sharp slump in April after the US president’s “liberation day” tariff salvo, helping chip giant Nvidia — up 35 per cent this year — to become the world’s first $5tn company before a pullback in November.
Some even bigger AI winners are in China and, especially, South Korea — one of the world’s best performing equity markets this year thanks to a furious tech rally.
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