Deep Tide TechFlow message: On July 20, Citigroup downgraded its rating on the South Korean stock market from “overweight” to “tactical neutral,” mainly due to recent sharp volatility in chip stocks, prompting it to reduce its exposure to artificial intelligence themes. Citigroup said that although the South Korean stock market has performed strongly this year, boosted by AI trading, retail investors’ rush toward leveraged ETFs on individual stocks and growing valuation concerns have intensified market turbulence.