A structure read for the morning after the trend broke — companion to this morning's Morning 10, where the overnight rout was point 1.
What Korea actually printed
The KOSPI closed down roughly 8% after tripping its circuit breaker — the sidecar first, then the full halt. SK Hynix finished the session at −14.6% after its US listing broke the $149 IPO price overnight; Samsung Electronics closed −13.4%. Tokyo followed: the Nikkei lost more than 4%, Kioxia fell as much as 18%, and the equipment complex — Tokyo Electron, Advantest — took double-digit to high-single-digit damage. The stated causes stack on top of each other: renewed skepticism about circular AI financing after Nvidia's Monday slide, the Hynix listing losing its IPO floor, and China's state-backed entry into DUV lithography and commodity memory.
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