For a while now, the world's risk appetite has been pouring into one story above all others: The AI trade, and into markets most tied to it. A great deal of money has gone to places like Taiwan and Korea, the homes of the chipmakers at the centre of that boom. India, with little to offer in that particular trade, was passed over. If the AI trade cools, even a little, some of that money has to go somewhere. And when global investors trim their bets on one crowded story, they look around for the next place to park their money.