New Delhi, May 27 -- India losing its position as the world's fifth-largest stock market to Taiwan has reignited debate around market valuations, the AI boom and whether headline rankings truly reflect economic strength. But according to Deepak Shenoy, CEO of Capitalmind Mutual Fund, the comparison needs far more context than just market capitalisation numbers.

Taiwan recently overtook India in total market capitalisation after a sharp rally in semiconductor and AI-linked technology stocks. According to Bloomberg data, Taiwan's equity market valuation climbed to $4.95 trillion, marginally ahead of India's $4.92 trillion market capitalisation.

The surge has been driven largely by the global artificial intelligence trade, where Taiwan sit...