The Kospi Index is down another 10% today. From its intra-day high on June 19, the total decline has now widened to 37%.

Prices of semiconductor stocks are getting hammered as China appears ready to start mass-producing advanced chips. Meanwhile, the AI investment boom continues relentlessly, with free cash flows turning negative for some of the hyperscalers. In addition, questions about circular financing remain as NVIDIA announces yet another deal with OpenAI. What is also interesting is w — via @jsblokland

Kospi's 37% decline from June 19 high and China's chip production hammer semiconductor stocks.