The Reserve Bank of India (RBI) has warned that Asian equity markets' recent gains are concentrated in a few large technology stocks benefiting from AI, mirroring trends in the US. This narrow rally, with AI-linked stocks driving significant portions of returns in markets like Hong Kong, South Korea, and Taiwan, increases vulnerability to US market corrections. The RBI noted that a significant downturn in US equities could pose a global systemic risk, impacting regional markets.