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Stocks Keep Crashing (In Korea!)

AI valuations finally coming down, what higher Treasury yields really mean, and why bitcoin could be reacting to currency devaluations.

Nik Bhatia

Jul 28

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Dear Readers,

In a stunning move, Korean stocks opened up Tuesday morning down 9%. At precisely this time, investors’ theories start coagulating from individual streams of thought to one blob of consensus:

We now must ask ourselves if the going theory is correct, a bunch of hype, or completely missing the point. In this endeavor, we will proceed sentence by sentence. Starting with the first:

“A selloff in global semiconductor stocks deepened on Tuesday, as investor sentiment continued to worsen over the sustainability of the artificial intelligence boom.”

The sustainability of the artificial intelligence boom. This is what everyone is worried about: whether returns in Nvidia, Micron, and other names can or will continue into the future; whether a company like SpaceX’s IPO marks the top of the market, and whether China’s old tricks in new games can spoil the entire party.