Amid a series of AI-related negative news, optimism about the KOSPI has disappeared, sparking a bubble controversy.
South Korea's stock market, specifically the Kospi index, plummeted 7.57% to 5554.22, its lowest level since July 30, amid concerns over the artificial intelligence (AI) industry's prospects and high interest rates. The index has now fallen 20.67% over seven consecutive trading days, with major tech stocks such as Samsung Electronics and SK Hynix taking a hit, dropping 9.48% and 11.06% respectively.
The sell-off was triggered by a US consumer price index report that raised concerns about further interest rate hikes, sparking fears about the sustainability of AI investments. The Korean government has promised to monitor the situation and implement emergency measures if necessary.
Written by urgent.news from Hankyoreh's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
