KOSPI closed down 10.84% to 6023.63 today, with intraday declines exceeding 11% triggering a 20-minute circuit breaker; chip heavyweight stocks led the drop.
$XI2CSOPSMSN(07347.HK) absorbed this decline fully, rising by +25%; $CSOP KOSPI(03121.HK) fell by -10.6% in reverse, moving almost in sync with the index; $ISHRS MSCI S Korea Capped(EWY.US) only saw a slight dip on the US side, as the US market session has not yet fully reflected this round of selling pressure.
The trigger was Nvidia's deal for over $750 billion in AI infrastructure—along with transactions exceeding $500 billion with SK Group and guarantees up to $250 billion for OpenAI—reviving questions about circular financing. The valuation of the storage chain was already built on the assumption of continuously accelerating AI capital expenditure; once that assumption loosens, the heavyweight stocks collapse first.
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