Circuit breakers triggered on the Korean KOSPI index last night (they have circuit breakers at 8, 15 and 20% drops).

Yesterday's close was 6768

Today's close was 6023

Decline of 11.0%

The narrative & economic triggers are:

a) Practically the entire rise in the KOSPI this year is from the memory (DRAM) divisions at just two companies, Samsung and SK Hynix.

b) A Chinese RAM manufacturer (CXMT) just went public to raise funds to scale up. Stock 5x'd on the first day of the IPO. Biggest IPO in Asia this year at $9 billion USD.

c) Computer motherboard manufacturers are announcing adjustments to firmware so that they work with Chinese-made DRAM.

d) The Iran war is ongoing...

e) The datacenter narrative is beginning to fade due to the high performance of smaller local models.

IMHO it's quite a bad idea to buy into a regional market that's up 4x - 5x in a year, solely on the basis of one commodity product that historically suffers ultra-cyclic highs and lows.

TRS

PS. The CXMT IPO is actually remarkable, because on its very first day of trading it briefly became the most valuable listed company in China.