New Delhi, May 26 -- A sharp rally in technology stocks powered by the global artificial intelligence (AI) boom has sparked a fresh rotation in the global leadership ranking as Taiwan trumped India to become the world's fifth biggest market in terms of market capitalisation (m-cap).

According to Bloomberg data, Taiwan's market cap climbed 3.5% to $4.95 trillion on Monday, beating the Indian stock market's valuation of $4.92 trillion.

The shift comes at a time when global equity markets are increasingly being driven by a narrow set of mega-cap technology companies. In Taiwan's case, semiconductor major Taiwan Semiconductor Manufacturing Co. (TSMC) has emerged as the dominant force, while India has seen relative underperformance amid fore...