Asian markets extended last week’s heavy selloff on Monday; South Korea’s KOSPI
plunged over 8%, led by semiconductors. Lucerne Asset Management CIO Mark Villan
said the move looks like position- and momentum-driven liquidations rather than
a reassessment of the long-term AI story. Korean techs were among the world’s
top performers and held in concentrated positions, so they became a natural
liquidity source after last week’s US nonfarm payrolls shifted interest-rate
expectations. The market’s key question is whether mega-cap AI spending will
slow; Lucerne said it has seen no evidence of that so far.
