Investors question artificial intelligence as Bitcoin rallies and KOSPI slides
Business
On Tuesday, while South Korea's KOSPI index tumbled 5.5%, now down a whopping 38% since June, Bitcoin did the opposite, bouncing back nearly 40%.
The big reason? Investors are getting nervous about whether all the hype around artificial intelligence will actually pay off.
Broadcom CEO comment sparks chip selloff
The selloff started after Broadcom's CEO called some AI investments like gambling, making people rethink tech stocks.
To make things worse for Korean chipmakers, a Chinese rival made big strides, sending shares of SK Hynix and Samsung Electronics sliding.
The ripple effect even hit US chip stocks like Micron and SanDisk, both dropping about 3%.
Basically: when it comes to markets right now, crypto and stocks aren't moving in sync at all.