Korean stocks today are not a pullback; they opened by dropping straight down and hitting people hard.

KOSPI opened lower by 5.26%, and within the first 15 minutes the decline widened to 6.41%, directly triggering a sell-side sidecar; $samsung once fell by about 7.7%, $SKHY fell more than 9%, and the latter’s intraday decline even pushed close to 11%.
At face value it looks like memory stocks have been cut, but in reality three things exploded at the same time:
The U.S. market is starting to worry whether AI infrastructure financing can hold up; after $CXMT listed in China, memory competition is back on the table; and on top of that, Korean retail investors previously used a lot of margin and single-stock leveraged products—once things drop, it turns into passive selling, and the more they sell, the lower it goes.
Samsung and SK hynix have too much weight in Korean stocks, and their leveraged positions are also concentrated; when both companies get cut, the entire index will be dragged down. When will the margin positions be cleaned up, whether selling pressure will continue after the sidecar is lifted, and whether U.S. semiconductor stocks will continue to make up the fall tonight—only these can determine the next life-or-death move.
Korean stocks were recently one of the most aggressive AI bulls globally.
Now they’re also showing the most aggressive deleveraging.
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