Source: Financial Times (paywall)
Taiwan's TSMC and South Korea's Samsung are now capturing investor capital that might have otherwise flowed to India's tech sector, a reversal driven by their dominance in AI semiconductor manufacturing. Chip production capacity concentrates value in foundries and memory makers, not in software services or IT outsourcing. India's $3.7 trillion economy lacks the industrial assets investors are bidding up. AI's infrastructure layer—chip manufacturing—has become the primary lever for capturing tech sector gains, not cloud services or applications.