Black Friday, South Korea's KOSPI plunged over 8% in a single day, directly triggering a circuit breaker, with extreme volatility in the market.

Semiconductor leaders Samsung Electronics and SK Hynix fell over 9%,
SoftBank plummeted 13%, becoming major laggards in the tech sector.

Four core reasons for this sharp decline:
1. Weakening consumer demand expectations: Apple raised product prices, and the market widely expects weak downstream demand for consumer electronics, suppressing valuations across the entire semiconductor supply chain.
2. Cooling AI industry expectations: OpenAI postponed its IPO plan, weakening the growth narrative for the AI sector, leading to a notable decline in market confidence.
3. Month-end institutional rebalancing: Approaching the end of June, institutions reduced holdings for risk control and monthly settlements, further amplifying selling pressure.
4. Panic-driven chain reaction in the sector: South Korea's semiconductor industry is a core global supply chain; a large number of stocks collectively plunged, triggering follow-on sell-offs across the entire sector.

Chain effects on other markets:
1. Stocks related to chips and computing hardware collectively weakened, with short-term bullish sentiment in the sector remaining low;
2. Rising risk aversion in the market, with capital fleeing risk assets; cryptocurrencies and overseas small-cap growth stocks also came under pressure;
3. Key events to watch next: latest developments in OpenAI's listing, consumer electronics shipment data, and month-end market capital flows. $BTC #美光市值超越Meta跻身全美前十