Kospi 11.5% Plunge Exposes AI Economy's Opacity After CXMT IPO
China's CXMT flew 466% on its $365bn IPO and unveiled indigenous DUV lithography, triggering a Kospi rout and Nasdaq correction. Strong Big Tech earnings stabilized markets, but the episode reveals acute concentration and geopolitical risk in the AI supply chain—demanding a re-rating of semiconductor exposure.