Tickmill Group economist Patrick Munnelly says Asian equities are undergoing fund rotation out of tech. SK Hynix shares fell 9.6% despite strong results, dragging the KOSPI down 6.0%. Taiwan and Japan, both with larger semiconductor exposure, fell 3.8% and 1.5% respectively. Leadership has shifted toward consumer discretionary, financials and energy; chipmakers have gone from market darlings to volatility transmitters over the past month. The AI narrative remains, but market tolerance for disapp

Tickmill Group economist Patrick Munnelly says Asian equities are undergoing fund rotation out of tech. SK Hynix shares fell 9.6% despite strong results, dragging the KOSPI down 6.0%. Taiwan and Japan, both with larger semiconductor exposure, fell 3.8% and 1.5% respectively. Leadership has shifted toward consumer discretionary, financials and energy; chipmakers have gone from market darlings to volatility transmitters over the past month. The AI narrative remains, but market tolerance for disappointing news has collapsed.