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2026-11-06 08:22:30
[South Korean chip stocks plummet, Kospi plunges 8.8%, market worries Democratic sweep of Congress slows AI development] (1) South Korean chip stocks plummeted as the market grew increasingly worried that a Democratic sweep of Congress in the United States might slow down the AI development boom. (2) On Friday morning, Samsung Electronics and SK Hynix shares both plummeted by more than 10%, dragging down the South Korean Kospi index by 8.8%; the Korea Exchange suspended trading for 20 minutes shortly after opening. (3) Global stock markets suffered a major blow on Thursday, with the Nasdaq 100 index falling 6.4%, wiping out a record $2.3 trillion in market value. (4) This wave of decline dragged the main South Korean stock index below President Lee Jae-myung's 2025 target of 5,000 points; as the AI boom boosted chip manufacturers' profits, Kospi had previously quickly surpassed this target, but after market doubts about the prospects of AI increased, Kospi has plummeted 46% from its June high, and 5,000 points has once again become the focus of the market. (5) Kim Dojoon, CEO of Zian Investment Management, said the market has finally entered a panic selling phase; in today’s market, most market participants would probably be forced to sell.
