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.
