On Tuesday, October 13, the global sell-off in AI chip stocks continued to spread, with the KOSPI index closing down 5.5% and Japanese memory chip manufacturer Kioxia falling over 10%. During U.S. trading hours, the Philadelphia Semiconductor Index briefly dropped over 3%, and Micron Technology fell over 6%.

Reuters analysis indicates that this sell-off is not driven by a single factor but rather by increased market scrutiny of the AI infrastructure investment boom. This includes rising interest rates, bond market volatility, escalating AI financing costs, and doubts about whether massive capital expenditures can translate into actual returns. Last week, Firmus, a data center operator with NVIDIA holdings, shelved its planned $5 billion IPO in Australia. Concurrently, Chinese memory chip manufacturer CXMT disclosed progress in its 4F² DRAM architecture research and development, further triggering market concerns about the competitive landscape of the memory industry.

BlackRock's research department on Monday downgraded its outlook for U.S. equities to "neutral," citing potential market volatility stemming from AI infrastructure development. The International Monetary Fund (IMF) also warned on Tuesday that the impact of an AI market correction could spread globally, as investors shift from chasing AI growth to scrutinizing capital returns.