PANews June 26 news, according to Jin10 reports, the South Korean stock market plunged sharply, with chip stocks once again getting sold off, highlighting their high sensitivity to shifts in global AI investment sentiment. The KOSPI index fell more than 8% intraday on Friday, erasing all of the previous session’s gains and triggering the market circuit breaker. Samsung Electronics and SK Hynix shares both tumbled around 9%. Foreign investors dumped 2.5 trillion won (around $1.6 billion) worth of KOSPI shares in early trading.

The sell-off marks a rapid reversal of Thursday’s rally, when Micron Technology’s upbeat guidance and news of SK Hynix’s plan to list in the US had briefly fueled optimism about the sustainability of the AI investment boom. But market sentiment quickly soured as investors digested news that Apple was raising prices due to memory chip shortages, and that OpenAI could delay its IPO until next year. IG International market analyst Fabien Yip said, “Apple, as one of the world’s largest component purchasers, being unable to absorb higher costs does raise questions about demand elasticity and the sustainability of memory chip profit margins.” He added that OpenAI’s delayed IPO also reflects how vulnerable tech stocks are to swings in retail investor enthusiasm.