It’s not a huge surprise given the rebounds in chip stocks today but it’s still unbelievable to see a national index swing like the Kospi has this week.
I have to tip my hat to the degens in South Korea, they’re truly the champions of the world.
The catalyst here is that Leopold Aschenbrenner — who is evidently supposed to get married this weekend to the chief of staff of Anthropic — blew up his hedge fund after repeated margin calls on chipmakers, including a large position in SK Hynix. That’s been cleared out with Citadel taking over his positions (likely at a discount) and that led to enormous gains in his portfolio names in the US today.
The drop in the index hit 5262 two days ago and that didn’t quite get to the 61.8% retracement at 5050 but it retraced the April rally completely.
SOURCE LINK : South Korea’s Kospi rises 14%
