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VanEck says emerging-market earnings are widening beyond AI, with research pointing to supply-chain strength and opportunities in infrastructure and Latin America.
Emerging-market earnings are broadening beyond the artificial intelligence trade, according to a VanEck commentary published on 12 Oct. 2026. The firm said its research in Korea, Taiwan, Brazil and India reinforced conviction in the AI supply chain while also highlighting opportunities in infrastructure, real assets and Latin America.
Evidence and context
The source material does not provide a market-wide earnings rate or a fund performance figure. It does, however, frame the current opportunity set as broader than technology alone, while warning that any discussion of individual securities is not a recommendation to buy or sell and that forward-looking statements are illustrative only, valid as of the publication date and subject to change. VanEck also notes that the MSCI Emerging Markets Investable Market Index covers approximately 99% of the free float-adjusted market capitalization in each country.
The commentary sits alongside other recent research pointing to a more selective earnings backdrop. A 1 Sep. 2026 J.P. Morgan analysis, cited in the supplied background, found that financials and consumer discretionary were the next-largest sources of companies with earnings growth above 5% after technology in its Asia sample, though that sample included developed markets and therefore cannot be treated as an EM-only sector measure. The same background notes that Korean and Taiwanese technology companies account for about two-thirds of expected EM index earnings growth in Neuberger’s October 2026 outlook, showing that index-level growth remains concentrated even as non-AI opportunities emerge.
The background also distinguishes between non-technology sectors and genuinely non-AI demand: machinery, batteries, steel and copper can benefit from AI data-center buildout even if they sit outside technology. It further identifies infrastructure, utilities, transportation and waste management as additional domestic-growth angles, while noting that no aggregate earnings-growth rate was established for those sectors in the reviewed commentary.
VanEck’s publication includes standard fund disclosures and risk language, including that investing in emerging markets involves substantial risk, high volatility and possible loss of principal. It also states that holdings may vary, index performance is not illustrative of fund performance, and third-party information was believed reliable but not independently verified by VanEck.
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