China, India and Hong Kong are among the few major global stock markets where the biggest listed companies account for a smaller portion of total market capitalisation than they did a year earlier. Bloomberg and related coverage describe this as a sign of weaker concentration tied to the global AI build-out, contrasting with markets such as Taiwan and South Korea that have more dominant AI-linked champions. The outlets report that markets concentrated around a small number of firms closely connected to the AI supply chain have generally increased their dominance as those companies gain value. In China and India, the largest-company market-cap shares decline, while Hong Kong shows a specific move in concentration: big-company concentration falls to 9.8% from 10% over the period cited. NDTV also notes that Hong Kong remains relatively less top-heavy compared with other major markets, and its listed-company landscape is largely shaped by financials and mainland listings. Business Standard and Business Line link the lower dominance to a lack of clearly leading AI champions, which results in less market concentration among the largest firms.