A major part of the returns has come from AI-linked stocks. Nearly 75 percent of the S&P 500’s return in 2025, up to early December, has come from AI-linked stocks. Clearly, 2025 has been a year of the AI boom in the market. ‘AI gainers’ like the US, China, Taiwan and South Korea gained handsomely in 2025 from the AI boom.India, an ‘AI loser’, couldn’t participate in the AI boom. While S&P 500 (up 17.59 percent), Nikkei ( up 28.87 percent), Shanghai Composite (up 18.27 percent), Kospi (up 73 percent) and T ...