KOSPI just got hit hard. What happened Yesterday (Aug 6), the KOSPI crashed 4.58% and closed at 6,296. It even touched -5.5% intraday. Samsung fell ~6%, SK Hynix crashed over 10%. Why it happened Global tech stocks sold off overnight. Worries about AI spending profitability returned. Weak guidance from a US memory company (SanDisk) triggered the panic. Foreigners dumped over 3.3 trillion won in one day. Role of the “Ants” (Retail investors with loans) While foreigners sold heavily, retail investors (the famous Korean “ants”) stepped in and bought billions worth of shares. Many of them are using loans and leveraged ETFs on Samsung & SK Hynix. They tried to catch the falling knife… again. This makes the market more volatile - and more painful when it drops. What’s next Short-term pain is likely to continue. Sentiment is fragile. Watch foreign flows and any positive AI news. If ants keep buying every dip with borrowed money, recovery will be choppy. Markets reward patience, not leverage. Stay careful out there.