South Korea's KOSPI is now down 40% from its record highThe index peaked at 9,115 on June 22. It's trading near 5,416 on…

South Korea's KOSPI is now down 40% from its record high

The index peaked at 9,115 on June 22. It's trading near 5,416 on Friday, per Yahoo Finance data

The KOSPI fell as much as 4.1% to 5,306 at the lows today, its weakest level since late July, as Wall Street's AI selloff spread to Seoul

Samsung Electronics dropped nearly 4% and SK Hynix slid more than 3% early on, even after SK Hynix scrapped plans for a US listing of its Solidigm unit, per The Herald Business

Foreign investors dumped a net 256.5 billion won of KOSPI shares in early trading, per Aju Press

The index has now lost 23% in a single month, from 7,081 on Sept 23

Overnight the Philadelphia Semiconductor Index sank 6.7% and the Nasdaq fell 2.6%, its worst day since June, after $Meta Platforms(META.US)'s $2.12 billion free cash flow deficit reignited fears about AI spending

Korea was the purest AI memory trade on the planet this year, which is exactly why it's unwinding the fastest. Even after this crash the KOSPI is still up 41% from a year ago, a reminder of how much froth got priced in on the run to 9,000

Source: StockMarket.News