The selloff is a trifecta: Apple concern (1-2% down), OpenAI IPO delay (5-6% down), and Samsung/Hynix huge capex announcement (8-9% lows). The capex plan is seen as a 'great leap forward' reminiscent of China's common prosperity push, causing concern.

Retail in Korea is extremely long and volatility is elevated. Implied volatility fell into the weekend as people reduced positions. The AI trade is challenged on the cost side by memory squeeze and on the revenue side by OpenAI concerns.

Apple held out on price increases due to market position, but now can't find new chips. A 5% move in Apple injects volatility into tech. TSMC is only down 2%, but smaller players in Taiwan are limit down 10%.

Apple's competitors (Xbox, Nintendo, Sony) raised prices earlier. The supply shortage pushed Apple into this position.