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The World's Hottest AI Stock Market Has Gone Cold
South Korea's stock market has gone from the world's hottest to its coldest in just a few months.
The Kospi, the world's best-performing major stock benchmark in the first half of 2026, has since fallen about 24%, making it the worst-performing major market in the second half. It's still more than 50% higher this year.
The AI trade isn't losing its appeal. But investors are increasingly looking beyond South Korea's memory-chip giants to companies with broader exposure to the AI hardware boom.
In July, analysts at GlobalData.TS Lombard pointed out that much of the earnings growth at Korean memory-chip makers came from higher memory-chip prices. By contrast, TSMC and Japanese chip-equipment makers relied more on advanced manufacturing and process expertise, giving them more durable growth prospects, they added.
Seoul shares plunge over 3 pct on tech sell-off amid Mideast, inflation woes
Seoul shares plunged more than 3 percent Monday, extending their losing streak to a fourth session, as a massive sell-off in technology stocks fueled by inflation concerns weighed on the market amid elevated oil prices.
After opening 0.07 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses to close down 241.69 points, or 3.65 percent, at 6,384.24.
Trade volume was moderate at 313 million shares worth 21.33 trillion won (US$16 billion), with decliners outnumbering advancers 717 to 166.
Institutions and foreigners sold a net 110.65 billion won and 2.02 trillion won worth of stocks, respectively, while individuals bought a net 1.47 trillion won.
"The KOSPI plunged amid rebalancing of semiconductor-focused exchange-traded funds (ETFs) and concerns that Samsung Electronics and SK hynix may have completed their treasury stock purchases," Lim Seung-mi, an analyst at Hana Securities Co., said in her research note.
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