South Korea's KOSPI just dropped 3.03% - the worst in Asia. Japan was closed, so the KOSPI became the region's AI canary. The tech selloff isn't over. It just moved to Seoul. • KOSPI: ~6,446.57 (-3.03%) • ASX 200: 8,841 (+0.74%, only gainer) • CSI 300: ~3,809 (-0.15%) • Hang Seng: 24,253 (+0.17%) • Japan: Closed for Sports Day (thin liquidity) • Brent: ~4,206 (+0.3%) • Bitcoin: ~$83,800 (+0.9%) Here's the nuance most headlines will skip. Korea is the most AI-levered market in Asia. Samsung and SK Hynix are the memory backbone of the A.I. buildout. When the $KOSPI drops 3% while Australia gains 0.7% on mining and energy, the rotation is clear: out of AI growth, into inflation hedges. That's not a soft-landing trade. That's a regime shift. The trigger is earnings anxiety. S&P 500 companies are expected to report 29.6% earnings growth, driven by AI data centers. But investors are questioning whether AI revenues can keep pace with rising borrowing costs. Watch the KOSPI at 6,400. A break below opens 6,200. If Korea is the AI canary and it just dropped 3%, does the global tech trade have a credibility problem?