Kospi frenzy

There is a canary in the AI coal mine. It’s the South Korean Kospi index. In the first 5 months of 2026, it has already double. And if you thought the U.S. had a concentration problem, it’s a joke compared to the Kospi. Almost half of the index market cap is composed of Samsung and SK Hynix. And leveraged is very high. But of course, it’s “justified” because chip exports on May were 169% up YoY. The index has been stopped several times this year because it has hit the upside daily limits (the downside limits have been hit as well). If you’re looking for a signal on the U.S. equity market, the Kospi might be it. If, for some reason Samsung flops, the index will suffer a lot and that might be an indication that the AI trade is fading. As of today, in Seoul, it is supported by international flows, mostly by index ETFs, local retail investors, and leverage. It might be a good idea to Include it on your dashboard.

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