On October 22, South Korean equities witnessed a steep decline on Thursday, plummeting over 3% to end the session at their lowest level in more than six months. Chipmaker stocks led the downturn, weighed down by profit-taking amid growing skepticism over the sustainability of the global artificial intelligence investment frenzy. Simultaneously, the Bank of Korea’s hawkish policy stance hinted at further interest rate increases, compounding market jitters. The benchmark KOSPI index concluded the day at 5,533.77 points, shedding 201.89 points or 3.52%—its weakest close since April 7. This sharp drop followed a 3.3% surge on Wednesday, the index’s largest single-day gain in six weeks, driven by a rebound in chip-related stocks. Lee Kyoung-min, an analyst at Daishin Securities, attributed the chip sector’s reversal to profit-taking after its prior rally, noting that earnings results from Meta and Tesla lacked the market-moving impact seen from SpaceX and Supermicro’s recent disclosures.