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South Korea's KOSPI index plunged over 5%, triggering a circuit breaker, as AI trading cooled and chip competition intensified, with SK Hynix falling nearly 8%.
Asia-Pacific equities tumbled on Tuesday, with South Korean and Japanese tech stocks bearing the brunt of fading AI trading enthusiasm and intensified competition in the memory chip sector. South Korea's KOSPI index at one point extended its decline to 5.1%, triggering the exchange's Sidecar circuit breaker mechanism, which halted program selling for five minutes. Samsung Electronics and SK Hynix both fell over 6%, with SK Hynix down nearly 8%. Chinese memory chip manufacturer CXMT announced over the weekend key advancements in a new memory architecture, with plans to launch server memory products based on this architecture by the end of 2026, further intensifying competitive pressure on South Korean chipmakers.
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