The chart of the week highlights just how dominant the technology sector is in emerging markets, with roughly 58% of total earnings growth in 2026 expected to come from tech alone, far exceeding all other sectors. Materials and energy contribute a much smaller share, while most other sectors add only marginally to overall growth. Even more striking, this growth is highly concentrated within a handful of companies, as Taiwan Semiconductor, Samsung Electronics, and SK Hynix are projected to generate more than half of total earnings growth for the entire emerging market index. While investors often focus on concentration risk in the U.S. equity market, this chart shows that concentration is actually even more pronounced within emerging markets. Index performance is increasingly driven by a narrow group of semiconductor leaders tied to AI, data centers, and advanced computing demand. This dynamic highlights both the strength of these secular growth trends and the risk that any disruption among these key companies could have an outsized impact on broader emerging market returns.