The KOSPI Is a Semiconductor Index Now

The Morning 10

1. 1 Overnight: the semi rout goes global
2. 2 The tell: the rout paid the handoff
3. 3 Scanner: GOOGL support-confluence (red flag)
4. 4 Memory green flags meet the Korea rout today
5. 5 Volatility & Money Temperature
6. 6 Risk-off without a gold bid
7. 7 Rubin 100 vs. HALO 100
8. 8 The money is rotating, not leaving
9. 9 Calendar: the catalyst stack begins
10. 10 Outside view — Dan Niles

The full Morning 10 →

The Midday 10

• 1 The flush was bought before 10:15
• 2 Nvidia is green on semi-crash day
• 3 Micron broke the floor and took it back

All ten lines →

Daily Pulse — The KOSPI Is a Semiconductor Index Now

Korea tripped its circuit breaker overnight — KOSPI down 8%, SK Hynix closing −14.6%, Samsung −13.4% — and that is no longer a regional story: the KOSPI's 60-day correlation with the Nasdaq-100 sits near 0.50, its highest since 2021, because two memory names are more than half the index and data centres now take over half of global DRAM. Korea prints the first liquid read on the AI trade each morning, and this morning it printed a repricing. The US pre-market confirms the discrimination, not the panic: Nasdaq futures lower while the Dow gains on Sherwin-Williams and Coca-Cola — and Corning, which beat the quarter, trades down 16% for guiding merely in line. In-line is the new miss.

The full Pulse →

Print-record cards of the day

• AMZN — Amazon: EPS beats 9/10 · revenue 9/10 · reactions 5 up / 2 flat / 3 down · next print 2026-07-30

On the tape

• Money Temperature · Mixed / transitional — 2 heating / 2 cooling
• ALFA.ST PEAD reversal: T+3 ↑LONG faded — T+5 closes +0.2%
• Cross-asset day: VIX 18.2, DXY 101.42, 10Y 4.64% — mixed regime
• STM · PEAD ↓ 100
• SAP · PEAD ↑ 80
• NOK · PEAD ↓ 100
• INTC · PEAD ↓ 100
• Euro-AI 50 · 1-month leaders — SAAB-B.ST +23.31% / ATS.VI -29.09%