South Korea's KOSPI tumbles 5.44% on US tech AI concerns
Business
South Korea's main stock index, KOSPI, dropped 5.44% on Friday, enough to trigger an automatic trading pause.
The sell-off was sparked by worries that US tech giants like Alphabet are moderating their AI investments, which sent shockwaves through global markets.
Chipmaker shares fall amid foreign selling
Major Korean chipmakers Samsung Electronics and SK Hynix saw their shares fall, with Samsung Electronics dropping over 7% and SK Hynix losing 6.83%, as demand fears grew.
Rising oil prices above $100 per barrel also made investors nervous about inflation.
Foreign investors sold off more than $1 billion in shares, and most stocks ended the day in the red, making for a pretty rough day in South Korea's markets.