India and AI in four numbers: the market the chip rally left out, 38,000 public GPUs, and a regulator drafting kill switch rules

India's capital markets, as represented by MSCI India, are down 14.7 percent for the year to September 30, 2026, while MSCI Emerging Markets are up 23.7 percent. This disparity is partly attributed to India's lack of an AI hardware trade, as three major chip manufacturers constitute 29 percent of the emerging markets index, whereas India's IT sector is only 6.75 percent of MSCI India. Despite the decline, India remains a pricier market at 22 times trailing earnings.

This report uniquely quantifies India's AI market position with specific figures like 38,000 public GPUs and a 14.7% MSCI India index drop, unlike general market analyses.