AI and Oil Reshape Global Markets in 2026 as Chip Supply Chain Leads Gains

AI and Oil Drive global market divergence as Chip supply chain Emerges as Primary Beneficiary

May 15, 2026 — A column published by The New York Times highlights that Artificial Intelligence and energy prices have become the two core variables shaping global capital markets, resulting in highly concentrated market performance.

The article notes that while NVIDIA has delivered gains exceeding 20,000% over the past decade, the strongest-performing chip stock since the start of 2026 has shifted to Intel. Intel's share price surged 114% in April alone, with year-to-date gains surpassing 214%, significantly outpacing Nvidia over the Same period.

Analysts suggest that the current AI rally is expanding from training-focused chips to inference-focused chips, triggering a repricing of related Semiconductor companies. Beyond Intel, markets in South Korea and Chinese Taiwan have also shown Standout performance, with Samsung Electronics, SK Hynix, and TSMC benefiting from soaring AI computing demand, driving overall strength in their local equity markets.

The article further points out that the AI-driven rally is no longer confined to the U.S. market but is generating a global capital concentration effect, intensifying the divergence among major asset classes. The combination of energy price volatility and geopolitical conflicts has made market movements increasingly dependent on growth momentum from a nARRow set of sectors.

Overall, AI and crude oil are jointly reshaping global asset pricing logic, yet achieving truly diversified portfolio allocation remains notably challenging under current market conditions.