00:00Mark, it looks like this tech sell-off has been around the world, but Nasdaq futures actually now in the green.
00:05Can we say we haven't yet reached peak tech?
00:10Not too sure. It's looking a little bit ugly here in Asia.
00:14And the poster child of the tech story, the AI story in particular, is the Kospi Index, Korean equities driven by people like Samsung and SK Hynix.
00:23And it's having a pretty rough day here in Asia.
00:26And it looks like it's going to end badly for the Kospi there.
00:29And that really is an indication that some of this so-called healthy rotation that we were seeing in recent weeks, maybe it's not so healthy after all now.
00:38So a lot of people are convinced that moving out of the AI software plays into the hardware plays was really the way to go.
00:46And that was sustaining the strength in some of these markets.
00:49But we're seeing a capitulation today in Korea where even those people who previously have been immune to some of these shockwaves, they're falling as well.
00:58So this is likely to spread around the world.
01:01And because you're seeing it affecting stocks which are very popular in the retail space, that's spreading into crypto, it's spreading into silver and across a variety of plays that people really like to do on a momentum basis.
01:14So we're now getting into the realm of just P&L management.
01:18People are seeing enough losses in the AI software space that they're having to cut positions in other areas as well.
01:25So it's really now just going across the board.
01:27You're seeing with Chinese tech as well, some very heavy losses in that area.
01:31So now we're getting to, it's starting to unravel.
01:34It's getting a bit unruly here.
01:35It's pretty much a case of people are not too concerned whether or not there's more life in the tech sector or not for the moment.
01:43They just want to square up positions and get back to a flatter situation as they assess what's going on in the world here.
01:51It's really become too volatile, too uncertain.
01:54Let's just come closer to home and see what happens for a few days.
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