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Dan Ives, managing director / senior equity analyst at Wedbush Securities, highlights a sharp downturn in South Korea's KOSPI index after its recent milestone.
A day after SK Hynik surpassed Samsung to become South Korea's most valuable listed company and the KOSPI reached a new record of 9,000 points, the tech-heavy index dropped approximately 10 percent. Ives suggests this decline could increase selling pressure for U.S. tech stocks, but remains bullish on leading AI technology firms.
Ives has recently focused on other tech sector milestones. He called upcoming Salesforce and Snowflake earnings a major test for AI software sector sentiment. Earlier this month, he described the SpaceX IPO as a major milestone for space investing.