Samsung and SK Hynix invest 1.3 trillion dollars,

The market responds with a sharp decline. What lies behind this anomaly?
Many Twitter users have probably seen this. Even I was taken aback when I saw it.
Samsung and SK are planning a ten-year, $1.3 trillion capital expenditure plan, pouring into semiconductor capacity, AI data centers, and physical AI, building 4 to 5 fabs in Gwangju, and expanding NAND and packaging in North and South Chungcheong.
I imagine many people’s first reaction would be, isn't this a huge positive? Over the past two years, any news of expansion at this scale would have sent prices soaring.
The bigger the capex, the more excited the market gets, because everyone assumes spending equals optimism, and optimism equals a rally. Microsoft and Google spent billions and their stocks kept rising; Nvidia issuing $25 billion in debt was seen as positive—this logic has worked for two years without fail.
But today, Korean stocks plunged. KOSPI fell 3%, Samsung dropped 5%, SK Hynix fell 4.5%, and KOSDAQ futures even triggered a circuit breaker.
For the first time, the market did not treat massive capital expenditure as good news. Its reaction, compared to before—when "spending so much must mean they see a huge opportunity"—now seems to be thinking, "with all this spending, when will the money be recouped?"
This shift didn't appear out of nowhere today. Last week, Apple was forced to raise prices on Macs and iPads due to rising storage costs, and the market worried whether cost pressures would be passed to end users and crush demand.
Today, South Korea's $1.3 trillion, the market worries about where the revenue to support such massive investment will come from. From worrying about costs to worrying about returns—it's the same logic chain going deeper.
Simply put, the market has played the "whoever spends wins" game for two years, and now it's starting to ask questions. For all that money spent, where's the return?