Taiwan's market hit another record close, but the small amount of big-money buying behind it has retail investors asking where the cash is actually coming from — a bullish run with a nervous undertone.

• The Taiwan index closed at a fresh high near 48,500, up 67% this year, beating South Korea as the world's best-performing major market.
• Foreign investors bought only a tiny net amount, so local funds and retail money are doing the heavy lifting.
• Online traders joked that foreigners "ran out of money" and worried the rally is now driven by small investors chasing prices and borrowing to buy.
• AI demand is the engine, lifting chip and component makers, while passive ETFs keep pulling in huge inflows.
• Thin volume at record highs has some bracing for a sharp pullback if local buyers lose their nerve.

Outlook: AI demand should keep supporting Taiwan stocks, but prices this high on light institutional buying leave the market vulnerable to a quick drop.