Korean memory stocks are *not* weak because of rumours that the U.S. will impose tariffs on Korean semiconductors. There are other drivers: 1. Retail net-buying for KOSPI has dropped by 90% from July (KRW 54.5T) to August (KRW 5.4T) - before talks of tariffs even intensified. 2. Retail brokerage account deposits have dropped to under KRW 100T for a whole week. In general, Koreans have less dry powder in their investing accounts vs. H1. 3. This is because Korean's are funneling their cash into bank accounts - deposits at Korea's top 5 banks increased in July-August to above KRW 1,000T for the first time. Simply, retail investors are more cautious right now. Tariff talk obviously doesn't help, but it's not the driver for the weakness in my opinion. Going forwards, I ultimately think foreign inflows will be more and more critical for KOSPI.