South Korea’s stock market fell sharply on Friday, but the real story sits underneath the numbers. A fight over who should share in the riches of the AI chip boom is rattling investors.

Japan, meanwhile, is moving toward a near-certain rise in interest rates, even as its leaders urge caution. India and Southeast Asia stayed calm, showing the slump was mostly a chip-country story.

Today’s Asia Intelligence Brief covers the region’s finance, markets, economy, and politics. We pulled it together from Japanese, Chinese, Korean, Hindi, Bahasa Indonesia, Vietnamese, and English sources.

South Korea — Who Owns the AI Boom?

A Sharp Fall, and a Deeper Question