Emerging-market stocks reached a nearly five-year high in early 2026, driven by investor optimism in artificial intelligence and Asia's growing role in the sector. Technology shares led the gains, with specific companies like Shanghai Biren Technology and Baidu seeing significant movement. This rally reflects a broader trend of investors seeking AI-related assets beyond the US, attracted by potentially cheaper valuations in emerging markets. Emerging market currencies showed mixed performance, with Brazil's real advancing while the Argentine peso declined under a new exchange-rate regime.