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Asian stock markets crashed again yesterday.
The South Korean KOSPI index plummeted right after the opening, dropping 135.79 points within 15 minutes, a decline of 3.29%. Just a few days after breaking above the 4000-point mark, it has returned to square one. The technology sector is faring even worse, with Samsung Electronics down 4.29%, and SK Hynix taking an even bigger hit at -4.78%. Even the automotive and aviation sectors haven't escaped, with Hyundai and Korean Air both falling over 3%.
This wave of plummeting is actually following the U.S. stock market. Overnight on Wall Street, AI star stocks like Nvidia and Palantir all went quiet. The market started to panic—has the hype around AI gotten too big? Will the valuation bubble burst? Several big shots on Wall Street are hinting that the market needs to cool down, or it might get more dangerous later.
In short, global capital is frantically hitting the brakes on tech stocks. From Silicon Valley to Seoul, this chain reaction is still fermenting.