Aiden yeung's research paper 2026

When ChatGPT launched in late 2022, it set off a rally in AI-related stocks on both sides of the Pacific. Existing research has examined US tech platforms and Korean chipmakers largely in isolation; few studies compare them on a risk-adjusted basis. This paper does so by tracking five firms at different points in the AI supply chain: Samsung, SK Hynix, Meta, Nvidia, and Alphabet, from 2023 to 2026. Performance is measured using cumulative return, Sharpe ratio, beta, annualized volatility, and maximum drawdown. The results reveal a clear trade-off: SK Hynix delivered the largest cumulative gains of the group, but with markedly higher volatility and deeper drawdowns, while the US platforms grew more slowly and far more steadily. Where a firm sits in the AI supply chain therefore appears to matter as much as its exposure to AI demand itself: a finding with practical relevance for portfolio construction in the technology sector.