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 k

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.