by Coinstrooper Crypto Articles
Quick Take
  • 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.
  • Follow us on X to get the latest news as it happens
  • The Korea Exchange triggered a sell-side sidecar after the open, its 22nd this year.

What Happened

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.

Market Context

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.

The post KOSPI Crashes 8% as AI Chip Selloff Slams Asian Markets appeared first on BeInCrypto.

Why It Matters

Whether Wednesday’s results from SK Hynix restore confidence or confirm the doubts driving the unwind may set the tone for the week.

Details

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.

Follow us on X to get the latest news as it happens

Chip Selloff Spreads From Wall Street to Seoul

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.

Earnings Gauntlet Meets Crypto Spillover

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