PremiumOvernight, the chip and semiconductor selloff accelerated on the previously discussed news of China's Kimi K3, a massive new model by Beijing-based Moonshot AI which is performing on par with the best offerings out of the US, a release which Goldman said is reminiscent of last year’s "DeepSeek moment".While traditionally the market that would be hammered the hardest on adverse developments for the chip/memory sector would be Korea's Kospi, on Friday it was literally "saved by the holiday", as Korea's Constitution Day meant no more selling in the Korean stock market which has been absolutely gutted in recent week (unfortunately for the Korea bulls, the 3x levered Kospi ETF, KORU, did trade overnight, and it got nuked despite a mysterious buying spree the moment the US opened for trading).