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Korean stock market circuit breakers, gold and silver crashes, U.S. stock plunge—financial "black swans" are arriving. How should we respond?

On June 23, the global financial markets experienced the most severe "Black Tuesday" since 2026, with multiple core markets in Asia-Pacific, Europe, and the Americas declining simultaneously. The Korea KOSPI index plummeted 9.99%, triggering the fourth circuit breaker of the year. The Nikkei 225 index dropped 3.55%, major European and American stock indices, as well as U.S. stock futures, also collectively weakened, showing a global asset sell-off without discrimination.

1. The core reasons for this round of decline

‌Crowded trading in the AI sector collapsing‌

Since the beginning of this year, global funds have heavily concentrated in the AI computing power sector, leading to extremely high gains and valuation bubbles in related sectors. Market doubts about the sustainability of profits from high investments in AI companies have increased, coupled with profit-taking by leading tech stocks, directly triggering a stampede of sell-offs in AI-related assets. Semiconductor giants in Korea and Japan generally saw single-day declines exceeding 12%.

‌Sudden tightening of macro liquidity expectations‌

U.S. employment data in May significantly exceeded expectations, causing market expectations for Fed rate cuts this year to completely fade. Some even began pricing in the possibility of resuming rate hikes. U.S. Treasury yields rapidly rose, directly lifting the valuation anchors of global risk assets and exerting downward pressure on high-valuation growth sectors.

‌Leverage fund chain reaction sell-offs‌

Korean regulators announced plans to crack down on high-risk single-stock leveraged ETFs. Coupled with the massive scale of related products accumulated in global markets previously, policy signals triggered concentrated forced liquidations of leverage funds. After the Korean stock market circuit breaker, further chain reactions of programmed trading in Asia-Pacific markets led to stop-loss cascades, amplifying the decline.

‌Short-term capital siphoning disturbances‌

SpaceX launched massive IPO and bond issuance plans, causing large amounts of capital to flow out of the secondary market into the primary market, further intensifying liquidity pressure on the tech sector and becoming a short-term trigger for accelerated market decline.

2. Outlook for subsequent rebounds

The current sharp market correction is a concentrated clearing after the collapse of crowded high-level trading, not a complete end to industry logic. There are clear foundations for a recovery rebound:

In the short term, after the panic is released, if subsequent earnings reports from Micron Technology verify the resilience of AI hardware demand, combined with the implementation of liquidity support policies in major global markets, a quick structural rebound and stabilization are highly likely.

In the medium to long term, the demand for computing infrastructure in the AI industry remains in rapid growth. After digesting the previous bubble of excessive gains, funds will return to core targets with genuine performance support, avoiding a long-term trend of bear markets. However, high-valuation pure thematic stocks will have limited rebound potential, and market style will shift toward fundamentals with greater certainty.