June was a record-setting month almost by the day. The KOSPI hit a fresh intraday high of 8,933.62 on June 2, closed above 9,000 for the first time on June 18 at 9,063.84, and by most accounts touched its cycle peak near 9,385 on June 19. Sources disagree on the exact top — one data desk puts it closer to 9,114 — but the range is not in question: this was the highest the index had ever traded, up somewhere between 80 and 120 percent since January depending on which starting print you use. On June 22, by most reporting, SK Hynix passed Samsung Electronics in market capitalization for the first time in Korean market history. Individual investors kept buying through it; foreign investors had already started selling into the strength days earlier.
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Korea's AI Chip Trade Broke Its Own Market
Inside the KOSPI's record crash — how a leverage structure built for a semiconductor supercycle unwound into a rate hike and an oil shock at the same time.
Inside the KOSPI's record crash — how a leverage structure built for a semiconductor supercycle unwound into a rate hike and an oil shock at the same time.
Table — ZTrader.AI Research
Korea Cross-Asset Dashboard
July 29, 2026
Further reading
- MACRO RESEARCHIs the AI Bubble Bursting? What the October 2026 Tech Selloff Is Really PricingInvestors are repricing who pays for AI capex once free cash flow turns negative and the Fed is hiking.
- MACRO RESEARCHThe KOSPI Crash: Where the AI Boom Meets the Cost of CapitalHigher US rates, a China chip scare and exhausted local buyers hit the two stocks that make up half of Korea's index.
- MACRO RESEARCHTHE $500 BILLION QUESTION BEHIND NVIDIA'S EARNINGSNvidia is no longer just the company that sells GPUs and graphics cards. It is becoming the money printer — the collateralized center of a massive, self-reinforcing pool of value.
- MACRO RESEARCHAI Capital Is Running Ahead of AI EarningsOracle’s Miss and the Growing Gap Between Compute Investment and Cash Flow The easiest way to misunderstand an AI bubble is to look for the 1999 version: vaporware companies with n
- FED RESEARCHMacro Weekly | 10-Year Yield Hits 5%: What It Means For The AI TradeThe market has not yet priced in the risks of over-collateralized AI chip loans, credit tightening, and inflation.
- VOL RESEARCHNvidia Just Proved My AI Pivot Thesis Is Getting CloserMarket-cap growth has fallen from 169% to 41% to 16% in three years. Capex just outran the cash flow that funds it. This is what a pivot looks like from the inside.