Paris Stock Exchange
We are not talking about symbolic rankings, but billions of dollars.
According to Bloomberg, over the past year and a half, the South Korean stock market has grown by more than $2.2 trillion to about $3.76 trillion, while the capitalization of French stocks is estimated at $3.69 trillion. This surge is due to the growth of technology companies, especially manufacturers of semiconductors and AI components (Samsung Electronics, SK hynix, etc.).
Why Seoul shot up
South Korea’s KOSPI has posted double-digit growth over the past year. The reason is the global investment boom around artificial intelligence and microchips. Capital has flowed to where exponential returns are expected. The market bet on future technologies and won.
What is happening in France
France’s CAC 40 index also rose – but quietly, without acceleration. Its structure reflects the strength of the traditional economy: luxury, energy, banks, industry. LVMH, TotalEnergies, BNP Paribas remain stable assets, but do not provide the dynamism that global funds are demanding today. Investors do not vote for stability, but for growth.
This is not so much a wake-up call as a structural shift. France remains one of Europe’s largest economies. But the capital market is showing: money is moving to where technological potential is higher. Asia has been pulling its share of global liquidity over the past two years.
For Paris, this means one thing, either an acceleration of technological transformation or a gradual decline in its share of global portfolios.
What this means for investors
Portfolio diversification: international investors may see South Korean and other Asian markets as promising sectors for growth, as opposed to the more stable but moderately growing European markets.
French strengths: French equities remain attractive for long-term investment, especially in the luxury, financials and infrastructure sectors.
Long-term trends: the shift towards technology and high-margin sectors is still a key driver of global capitalization. And Europe will need to increase its support for innovation and corporate development to regain its leadership position.
France has not collapsed. But it is no longer at the forefront of global growth. And that is perhaps the main economic signal of February 2026:
Capital follows technology.
