South Korean retail investors completed a major capital shift in Q3 this year, net selling over 5.5 trillion Korean won in KOSPI stocks while net buying approximately 10.15 trillion Korean won in US equities during the same period. Analysis indicates that the KOSPI index fell by about 18.8% in Q3, making it the worst-performing major global stock index, a stark contrast to US tech stocks which continued to hit new highs driven by AI infrastructure expansion. Furthermore, the appreciation of the Korean won also reduced the currency exchange costs for retail investors buying US stocks, accelerating capital outflow. This represents a 180-degree reversal from the first half of the year, when retail investors net bought nearly 100 trillion Korean won in KOSPI stocks.