Global equity markets woke up to another severe shock on July 7, 2026. The South Korean KOSPI index dropped approximately 8%, triggering market-wide trading halts for the second time in the past few months. By mid-morning in New York, the contagion had crossed the Pacific.
Major U.S. semiconductor equities endured steep intraday contractions. Investors watching foundational assets bleed red are rightfully asking if the artificial intelligence (AI) hardware supercycle has finally fractured. The answer may lie in market plumbing, not corporate fundamentals.
