The extreme market volatility has drawn comparisons to the index taking the appearance of a meme stock. The news sparked concerns that South Korean firms face strong new competitors when it comes to the global memory market. Samsung and SK Hynix have price-to-earnings (P/E) ratios of between 18x and 24x, which have become commonplace amid the ongoing AI frenzy. With South Korea becoming increasingly dependent on the semiconductor industry and the fortunes of Samsung and SK Hynix, a mass sell-off event was always likely to snowball. For the rest of Asia, similar levels of disruption could severely impact high P/E AI stocks.