AI gains may shift to emerging markets

Tim Urbanowicz of Goldman Sachs Asset Management told CNBC that the next big wave of AI gains may come from emerging markets, specifically Taiwan and South Korea. The iShares MSCI Taiwan ETF is up nearly 67% and the South Korea ETF has risen 109% this year. Urbanowicz noted valuations in these markets have not risen as much as in the U.S., leaving room for outsized returns.