South Korean stocks plunge, erasing AI rally gains as chip selloff deepens

Unwinding of AI-linked trades sends warning signals across Japan and Taiwan Stock in SK Hynix dropped on July 29 despite the South Korean company announcing robust earnings earlier in the day. © Reuters TOKYO — South Korean stocks accelerated their recent declines on Wednesday, with concerns over the rise of Chinese chipmakers driving the nation's benchmark share index below a critical threshold and wiping out earlier gains from an AI-led rally.

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