Tickmill Group analyst Patrick Munnelly said AI trading in parts of Asia has
shifted from a leadership role to liquidation. South Korean stocks extended
losses on Wednesday, pushing the benchmark KOSPI into a bear market. After a
historic rally, investors are continuing to sell crowded semiconductor
positions; efforts to separate the broader AI narrative from chip liquidations
may become harder. He said markets are also coping with geopolitically driven
supply shocks, overextended tech positions and sticky inflation expectations.
