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South Korea's KOSPI Falls 4.46% to 6,516 as China's Kimi K3 AI Model Triggers Tech Selloff

Indices Stocks AI Industry News

2026-07-20 07:01:46

According to Chosun Biz, South Korea's KOSPI index fell 304.33 points, or 4.46%, to close at 6,516.27 on July 20, dragged down by concerns over China's low-cost AI model 'Kimi K3' that could dampen Big Tech capital expenditure. The KOSDAQ index declined 5%, breaking below the 750-level. The stock selloff reflected investor worries that cheaper AI models developed by startups like Chinese firm Moonshot could lead U.S. tech giants to scale back infrastructure spending, while tensions between the U.S. and Iran also drove oil prices higher, fueling inflation concerns.

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