The KOSPI plunged 8.10% to 6,208.34 on Tuesday morning, deepening a global semiconductor rout.
SK Hynix sank 11.01%, and Samsung Electronics dropped 9.45%, a day before the memory giant reports quarterly earnings.
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The Korea Exchange triggered a sell-side sidecar after the open, its 22nd this year. A similar mechanism tripped on the Kosdaq shortly afterward. The index was down 6.6% at press time.
Japan followed Seoul lower. Kioxia cratered 16.5%, Tokyo Electron dropped over 9%, and Advantest slid 8%.
SoftBank Group, an AI proxy through its Arm stake, fell nearly 5%. Overall, the Nikkei 225 lost 3.90%, while the Topix shed 2.49%.
The rout extends Monday’s weakness in US chip stocks, where the VanEck Semiconductor ETF lost over 2%, according to CNBC. AMD and Teradyne led declines, falling 5% and 4% respectively.
Investors remain skeptical about tech giants’ heavy AI spending. The selloff comes days after SK Hynix and Samsung announced $950 billion AI deals.
The timing raises the stakes. SK Hynix reports on Wednesday, July 29, its first earnings since a record Nasdaq debut. Microsoft, Meta, and a Fed rate decision land the same day. Apple and Amazon close Big Tech’s earnings week on Thursday.
The pressure has spilled into crypto markets. Bitcoin (BTC) traded near $63,199, down 2.9% over 24 hours. Meanwhile, US futures pointed to further weakness, with S&P 500, Nasdaq 100, and Dow futures down 0.1%, 0.42%, and 0.04%, respectively.
Whether Wednesday’s results from SK Hynix restore confidence or confirm the doubts driving the unwind may set the tone for the week.
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The post KOSPI Crashes 8% as AI Chip Selloff Slams Asian Markets appeared first on BeInCrypto.
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