The bubble in Korea has been viewed by some as an isolated event. There is no question that Korean-specific regulation and behavior were a strong contributor to this bubble, yet we should look at what is happening in the US. One, the semiconductor sector is showing strong declines. Not like Korea, but the pattern is similar. Two, the move in the AI and IT sectors has been driven by retail, and retail within the US is reversing. The market is changing, and the marginal retail investor is a strong seller who is moving to more protective assets.
Market sentiment is changing, and the positive forecasts in the last quarter are being revised.
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