South Korea's KOSPI fell about 8.03% in a single day, triggering a circuit breaker. Foreign investors sold about $1.49B, while retail investors net bought about $1.52B, resulting in a rare "direct hedge" of funds on the same day.

According to the revised circuit breaker rules, if the index falls 8% from the previous close and lasts for one minute, trading will be suspended for 20 minutes. This is the first circuit breaker since the new rules were implemented, indicating that emotional pressure has reached a level where a forced "cooling-off" is necessary.

Meanwhile, memory chip leader SK Hynix fell over 10%, and Samsung Electronics fell over 9%. Their fundamentals are still supported by AI demand, but under high expectations and crowded trades, their stock prices have suffered greater selling pressure.

Whether this kind of "retail investors taking over foreign investors' positions" can withstand subsequent earnings cycles and macro changes remains highly uncertain, and it will truly affect the pricing of global tech stocks and related AI assets.