South Korea’s benchmark Kospi index dropped more than 7% on Tuesday, October 13, as a sell-off in chip shares hit the market, and most Asian equities declined. The move reflects growing investor unease over the AI boom that has driven global risk assets in recent months.
Chipmakers Lead Declines Across Asia
The Kospi fell 7.4% to 5,914.35, its lowest level since late July. Samsung Electronics lost 7.7%, while memory chipmaker SK Hynix dropped 8.8%.
Asian stocks fell broadly on Tuesday, led by a 2.5% drop in Japan’s Nikkei 225. Hong Kong’s Hang Seng lost 1%, while China’s Shanghai Composite fell 1.1%. U.S. stocks were mixed on Monday, with the S&P 500 and Nasdaq edging lower while the Dow rose 0.4%.
Sponsored
Crypto Prediction Markets
18+ · Gambling involves risk. Play responsibly.
U.S. stock futures were mixed early Tuesday, as oil prices fell amid escalating tensions in the Middle East.
CXMT Reports Add to AI Boom Unease
Samsung Electronics and SK Hynix shares fell after reports that Chinese chipmaker CXMT is making advances that could pose a growing challenge to major memory producers, including Micron Technology.
South Korea’s Kospi hit a record high above 9,000 in June, fueled by the global AI boom. Tuesday’s decline highlights the index’s reliance on a handful of chipmakers riding that rally.
Crypto Market Slid Down Slightly
Anxiety over the AI sector is prompting traders to reduce risk across markets, including cryptocurrencies.
The total crypto market capitalization fell 0.9% over the past 24 hours to $2.897 trillion, according to CoinGecko data.
Bitcoin was down 0.4% on Tuesday, October 13, trading at around $83,995. Ether fell 1.5% to $2,530, while XRP dropped 2.5% and Solana slid 3.6%.
Meanwhile, $815.47 million in leveraged crypto positions were liquidated over the past 24 hours. Long positions accounted for the bulk of the liquidations, at $687.71 million, with Bitcoin and Ether among the hardest hit.
Why This Matters
Sharp declines in AI-linked equities can shift broader risk sentiment, which crypto traders often track alongside their own positions. The Kospi’s slide shows how quickly sentiment around the AI trade can change.
Read DailyCoin’s top crypto news right now:
HBAR’s $0.40 Falling Wedge Meets a 6-Year Compression
Cardano’s $20 Dream Resurfaces While CIP-0113 Goes Live
Be the first to comment