South Korea’s stock market took two heavy blows
On October 20, the KOSPI plunged 3.73%, closing at 5,552
Down 41% from its June high of 9,385
SK Hynix fell 4.2%, Samsung fell 2.98%
Both companies had just reported their best profits ever
Samsung’s Q3 operating profit topped 107 trillion won
Earnings and share prices are moving in completely opposite directions
The trigger came from outside
CoreWeave debt fell below 80% of face value
Yields to maturity approached 15%
The market is worried that the cost of expanding AI computing capacity has surged
Could HBM purchases be delayed?
That question is weighing on Hynix’s valuation
The decisive blow came from within
A 55 trillion won buyback by Samsung and Hynix propped up the market for two months
Now the buybacks are nearly over, but foreign selling pressure remains
Goldman Sachs says 80% of foreign selling was concentrated in the two stocks
Elice, South Korea’s biggest IPO this year, is an AI cloud infrastructure company
Retail investors oversubscribed 400 times, with 10.3 trillion won in funds tied up
Priced at 90,500 won, it plunged to 61,400 won within half an hour of opening
Down 32%, and at one point 38% by the close
But the company is profitable: revenue up 200%, first-half profit of 10.3 billion won
The market is asking whether cash flow can sustain capital spending
For crypto
South Korea is a major global crypto market, and sentiment has cooled in the short term
BTC is under short-term pressure at 82,000, but it is not an AI asset
This is sentiment spillover, not a change in fundamentals
A pullback to 80,000 or 78,500 could instead be an entry point
Risks: the October 27–28 FOMC meeting is just ahead; could CoreWeave’s debt problems spread?
Smart money is watching to see who has cash flow 👀
$BTC
#SouthKoreaKOSPIIndexDownOver2% #ElicePlunges33%OnFirstDayOfKoreanStockListing #BTC
On October 20, the KOSPI plunged 3.73%, closing at 5,552
Down 41% from its June high of 9,385
SK Hynix fell 4.2%, Samsung fell 2.98%
Both companies had just reported their best profits ever
Samsung’s Q3 operating profit topped 107 trillion won
Earnings and share prices are moving in completely opposite directions
The trigger came from outside
CoreWeave debt fell below 80% of face value
Yields to maturity approached 15%
The market is worried that the cost of expanding AI computing capacity has surged
Could HBM purchases be delayed?
That question is weighing on Hynix’s valuation
The decisive blow came from within
A 55 trillion won buyback by Samsung and Hynix propped up the market for two months
Now the buybacks are nearly over, but foreign selling pressure remains
Goldman Sachs says 80% of foreign selling was concentrated in the two stocks
Elice, South Korea’s biggest IPO this year, is an AI cloud infrastructure company
Retail investors oversubscribed 400 times, with 10.3 trillion won in funds tied up
Priced at 90,500 won, it plunged to 61,400 won within half an hour of opening
Down 32%, and at one point 38% by the close
But the company is profitable: revenue up 200%, first-half profit of 10.3 billion won
The market is asking whether cash flow can sustain capital spending
For crypto
South Korea is a major global crypto market, and sentiment has cooled in the short term
BTC is under short-term pressure at 82,000, but it is not an AI asset
This is sentiment spillover, not a change in fundamentals
A pullback to 80,000 or 78,500 could instead be an entry point
Risks: the October 27–28 FOMC meeting is just ahead; could CoreWeave’s debt problems spread?
Smart money is watching to see who has cash flow 👀
$BTC
#SouthKoreaKOSPIIndexDownOver2% #ElicePlunges33%OnFirstDayOfKoreanStockListing #BTC