KOSPI-Nasdaq 60-Day Correlation Hits 5-Year High of 0.50, Driven by AI Chip Spending on July 28

According to Rayliant Global Advisors, South Korea's KOSPI and Nasdaq 100 60-day correlation climbed to 0.50 on July 28, the highest level since 2021, driven by shared artificial intelligence chip spending. Samsung Electronics and SK Hynix together account for over 50% of the KOSPI, anchoring both indices to hyperscaler capital expenditure trends.

The linkage tightened sharply on July 13, when SK Hynix plunged 15% amid AI capex concerns, dragging the KOSPI down 8%. The Nasdaq 100 followed with a 1.88% decline, with U.S. chipmakers Micron, SanDisk, and Intel falling 4%, 12%, and 6% respectively. Samsung and SK Hynix trade before U.S. market open, positioning them as early-price signals for AI hardware sentiment.