KOSPI plunged more than 8%. That was its second circuit breaker in nearly two months. Billions erased in South Korean equities. SK Hynix dropped more than 7%, dragged down by CXMT’s DDR5 server memory update. Markets price in China potentially catching Samsung in server DRAM ahead of Samsung’s 2028 timeline. Micron and SanDisk sold off alongside. More interesting is cross-market spillover. Chainalysis pegs Korea’s crypto economy at $449B — the world’s largest, retail dominated. AI crypto assets are this year’s highest-turnover category. Some read this as isolated semiconductor stress. A memory selloff contained to chip stocks. Korean retail investors are major crypto holders. Many run margin positions across both markets. If stock margin calls escalate, will forced liquidations spill into crypto as quickly? This contagion used to hit BTC mainly. Altcoins now carry far bigger retail exposure. That cross-asset transmission channel has not been fully stress-tested in this cycle. #KOSPI #Ni225 #SSE #Korea #Semiconductors