Asian AI and Chip Stocks Erase Over $730 Billion as Selling Pressure Deepens
Asian equity markets shed more than $730 billion in value as a selloff focused on artificial intelligence and semiconductor stocks deepened across the region on July 2. South Korea’s equities led the decline, wiping out roughly $350 billion in a single session as investor concern over AI infrastructure spending intensified. The Korea Exchange activated sidecar trading curbs on both the KOSPI and KOSDAQ indices to halt program selling after the KOSPI plunged nearly 7%, marking the first time the circuit breaker mechanism was triggered following rapid declines.
Samsung Electronics and SK Hynix, the bellwethers for South Korea’s AI chip buildout, dropped more than 7% as the rout spread from Wall Street. The broader market unwind was partly fueled by Meta Platforms Inc.’s recent plan to sell its excess computing power, which raised fresh questions among investors about whether the region’s semiconductor manufacturers were facing capacity excess. Compounding the selling pressure, the KORU, a 3x leveraged exchange-traded fund tracking Korean stocks, fell nearly 23%, triggering forced liquidations that accelerated the decline across the market.
From the sources (16 posts)
@cryptorover🚨 KOSPI IS DOWN 1.30% TODAY, AND ONLY 2 AI CHIP STOCKS ARE DOING MOST OF THE DAMAGE. Samsung crashed 4.34%. SK Hynix fell another 2.87%. Together, they make up nearly half the entire index. Meanwhile, several Korean stocks are actually up
@cryptorover🚨 KOREA AND JAPAN JUST WIPED OUT $250 BILLION FROM THEIR INTRADAY HIGHS. KOSPI erased nearly ₩150 trillion ($95B) after falling 2% from the top. Nikkei wiped out another ¥24 trillion ($160B) after a 2.14% reversal.
@firstsquawkKorea Exchange Activates KOSPI Sidecar Trading Curb
@zerohedgeThat was fast. *KOREA EXCHANGE ACTIVATES SIDECAR TO HALT KOSPI PROGRAM SELLING
@zerohedge*SK Hynix Shares Fall 8.2% to KRW2,350,000
@bulltheoryioBREAKING: South Korean stock market halted program selling trading as KOSPI crashed -6.5%. Over ₩396,500,000,000,000 ($267 B) has been wiped out from the South Korean stocks in just 20 minutes.
@businessSouth Korean stocks slumped as Meta’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers
@businessSouth Korean stocks slumped as Meta’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers
@cnbcSamsung Electronics, SK Hynix shares tumble over 7% as chip rout spreads from Wall Street
@reutersAsian shares fall as chipmakers drag; US jobs data looms
@businessJapanese and South Korean semiconductor stocks tumbled after a selloff in US technology shares soured the mood across Asia
@zerohedge#2 *KOREA EXCHANGE ACTIVATES SIDECAR TO HALT KOSDAQ PROGRAM SELLING
@cryptoroverBREAKING: 🇰🇷 South Korea has halted selling after the KOSPI plunged 6.5%. The sell-off wiped out more than ₩400,000,000,000,000 in market value.
@cryptorover🚨 SOUTH KOREA’S AI BUBBLE IS BREAKING DOWN. The KOSPI just crashed nearly 7%, wiping out roughly ₩580 TRILLION ($350 BILLION) from Korean stocks in a single session. Samsung and SK Hynix, the two companies that helped drive Korea’s AI man
@firstsquawkASIAN STOCKS LOSE OVER $730 BILLION AS AI, CHIP SELLOFF DEEPENS More than $730 billion in market value has been erased from Asian equity markets as AI and semiconductor stocks came under heavy selling pressure.
@businessDeveloping nation stocks trended lower driven by the sharp slide in South Korea’s equities, a global bellwether for the artificial intelligence buildout, amid renewed concern over the longevity of the trade