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Korean stocks triggered a circuit breaker for the third time this month. KOSPI is down 8%, Samsung is down 9%, and Hynix $SKHY is down 14.57%.
Micron $MU is also falling—Corning $GLW is down 13%, and the PHLX Semiconductor $SOXX is down 6%.
Storage and AI are plunging across the board.
Then tomorrow, Hynix will list on Nasdaq.
The largest ADR in history—$29.4 billion—rings the bell amid a global semiconductor rout. The timing couldn’t be worse.
The Dow $DIA is still making new highs, while the Nasdaq $Q is collapsing. Defensive and financial stocks are rising, while semiconductors and AI are falling. Money is moving from the Nasdaq to the Dow—from offense to defense.
This isn’t a full-market crash, but a signal of a local top for AI and semiconductors. The last time the Dow-Nasdaq divergence was this obvious was in March 2000.
Tomorrow, Hynix is set to list on US stocks—two possibilities:
Passive funds are forced to buy to prop up the price, leading to a short-term rebound.
Or it opens in the worst market sentiment, breaks under the offering price immediately, and turns into fresh “ammo” for the selloff.