New Delhi, June 26 -- 46 a.m. on June 23, the Korea Exchange triggered a market-wide circuit breaker, a halt it had not imposed since the pandemic, after the Kospi fell 9.99% in a single session, its fifth-largest decline on record. Foreign investors had already moved $2.5 billion offshore before the freeze. The proximate cause was a convergence of leveraged fund unwinds and institutional rebalancing. The actual cause was three weeks older and American in origin.

can $452 billion in annual AI capital expenditure generate a return that justifies itself?

The chain that produced Seoul's frozen exchange began on June 5, when Broadcom Inc. (AVGO) reported third-quarter guidance of $16 billion against analyst estimates of $17.2 billion. The m...