South Korean average daily turnover fell to 20.6T won ($15B) in September — the lowest of 2026 and less than half the May-June peak — as AI enthusiasm fades from its most concentrated retail market. The index recovered from July lows but cannot sustain above 7,000; turnover falling while price recovers describes a market running on thinner participation with less depth to absorb a shock. Korea's July experience — a 22% selloff on AI ROI doubts — is now reaching global markets on delay, with Amodei's AI slowdown call sending SK Hynix -6%, Philly Semi -5.9%, and Micron/SanDisk -7%+ in a single session. JPMorgan's counterpoint: neocloud contract pricing rose to $15-$20/MW from $10-$15 — a third-to-half increase in pricing power that is the offset the margin debate had been missing. Bitcoin miners that pivoted to AI compute lagged Bitcoin's 22% August rally at 1.8% median, then absorbed full AI beta on the way down. Korean retail flow is historically a meaningful source of crypto demand — turnover at a 2026 low suggests that cohort is less active across both markets.$ETH

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