The Asian Tech Puke
The Asian Tech Puke
Asia just delivered a proper tech puke. KOSPI fell almost 6%, ChiNext crashed 6% and China's STAR 50 lost almost 7%, while Japan extended its violent two-day reversal. The common denominator is tech, particularly the high-beta AI and hardware complex. Exposure has already been cut aggressively in recent weeks, but remains elevated longer term. The question now is whether this is another positioning reset, or the start of something bigger.