The tech rally in emerging-market stocks is spreading across new companies as investors rotate beyond chipmaking heavyweights into smaller names poised to power data centers. King Slide Works Co., Henan Shijia Photons Technology Co. and Ever Pro X Technologies Co. are among the top performers in MSCI's Emerging Markets Index this month, notching gains of up to 90%. Together, they are helping rekindle enthusiasm in Asia's AI narrative, which wobbled in June and July after a year-long $17 trillion bull run.

The shift marks a broadening of the AI trade that had been concentrated in semiconductor giants. Smaller firms supplying components for data-center infrastructure are now attracting capital as investors seek exposure to the next leg of growth. The rotation comes amid signs that the initial chip-led surge may be maturing, prompting a search for undervalued opportunities across the supply chain.

Analysts say the rally's expansion into lesser-known names suggests growing confidence in the durability of AI-driven demand. However, the narrow leadership of just a few small caps also raises questions about liquidity and sustainability if sentiment shifts.