Geopolitics and the Hidden Architecture of U.S.–China Equity Dependence
When Technology Markets Break Together
Correlation Is the Calm, Contagion Is the Storm
In global technology markets, correlation is what investors measure, but contagion is what eventually hurts them. For years, U.S. and Chinese equity markets have been described as partially decoupled, shaped by different policy regimes, investor bases, and regulatory systems. Yet every major shock tells a different story. When stress arrives, these markets do not merely move together. They break together.
