Until a few 24 hours ago the market seemed almost invulnerable. The war in the Middle East was deescalating, oil was returning to pre-war levels, Fed kept interest rates stable and investors kept betting on the next major revolution of artificial intelligence.
But since yesterday the image has changed sharply. A global wave of liquidity in technology shares and mostly in semiconductor manufacturers swept markets from Asia to Wall Street, rekindling concerns that frenzy around AI may have led the valuations far beyond fundamental sizes.
Nasdaq 100 closed with heavy losses 3.30% in New York, While the individual indicator of semiconductor companies dive 7.87%, at one of the worst meetings in recent months for the industry.
The collapse began in South Korea
Liquidations started – at controlled levels – on Monday night on Wall Street. But the shock came today in Asia.
South Korea's Kospi Technology Index collapsed nearly 10% on Tuesday morning, By even activating a temporary cessation mechanism. The two major protagonists of the global memory market, SK Hynix and Samsung Electronics, sank more than 12% each.
The fall was not due to a geopolitical event or a sudden deterioration in economic prospects. On the contrary, it was the product of a combination of excessive optimism, which spewed abruptly, high leverage and massive profit registration in a sector that had turned into the ultimate protagonist of 2026.
Memory companies had been at the heart of the artificial intelligence rally, as investors felt that demand for advanced chips used in data centers and AI systems would continue to be launched.
The big question of billions
Behind today's liquidations lies a question that is increasingly heard on Wall Street:
Can the giants of technology justify their huge investments in artificial intelligence?
The markets spent almost three months of continuous rise, with investors rewarding any company announcing new projects, new data centers or higher costs for AI infrastructure.
But now they're starting to ask for proof. Attention is focused on the results of Micron announced tomorrow, as they are considered the most important test of whether demand for artificial intelligence infrastructure remains as strong as market discount.
It is no coincidence that several analysts describe Micron's results as the next critical turning point for the entire AI account.
Search for safe shelters
As the shares retreated, investors turned to traditional safe havens.
American state bonds were strengthened, while the Japanese yen and Swiss franc recorded a rise. Bitcoin lost about 3%, following the general risk aversion climate.
Oil also continued its decline, as the US–Iran interim agreement and increased tanker crossing from the Straits of Hormuz reduced fears of problems in the global supply.
Correction or start of a larger fall?
Despite the turbulence of the last 24 hours several analysts do not consider that we are moving a wider bear market.
The main American indicators remain close to their historically high, while corporate results continue to move at satisfactory levels.
For many market professionals, traffic is more like a necessary reminder that shares do not just move upwards.
As noted by typical Wall Street analysts, the parabolic movements recorded in recent months artificial intelligence shares could not continue indefinitely without at some point testing the investor's endurance.
And investors wonder if companies can transform promises and «vision» in profits large enough to justify the valuations created by excessive enthusiasm over the last two years.
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