February 2026 Returns: World's Top 20 Stocks by Market Cap

Winners: Non-US semis (🇰🇷 Samsung +41%, 🇹🇼 TSMC) & defensives (🇺🇸 J&J, 🇺🇸 Walmart)

Losers: 🇺🇸 US mega-cap tech

The AI CapEx reality check is hitting Big Tech hard. Hundreds of billions in AI infrastructure spend ahead, and the market is repricing accordingly.