The Korean stock index falls for the second day in a row. We have finally reached the first real one stress test for what has become the most important stock market rally in recent years, namely that of semiconductors and, more generally, AI. These are the terrifying results of the last two days of trading on the index KOSPI South Korean. The pressure continued on Wednesday, with the KOSPI opening 1.09% higher before collapsing to 5,262.77 (-12.63%), to close at 5,663.24 (-5.98%). The market is discounting some precise factors that indicate a potential phase change in the semiconductor cycle for artificial intelligence.