Asia Edition

South Korea's Kospi is up 90% this year and Taiwan's TAIEX has hit record highs, both driven almost entirely by Samsung, SK Hynix, and TSMC. But a June 23 selloff triggered by single-stock leveraged ETFs wiped nearly 10% off the Kospi in a single session and sent Nasdaq futures tumbling, exposing how dangerously concentrated, and structurally fragile, the global AI chip rally has become.