Global Tech Stocks Plunge on AI Doubts, Hawkish Fed; Kospi (KOSPI) Falls 10%

Global technology stocks experienced their steepest sell-off since March on Tuesday, June 23, 2026, amid doubts over the AI-driven rally and a hawkish U.S. Federal Reserve. Asian tech benchmarks plunged 6%, led by South Korea's Kospi index (KOSPI) plummeting 10%. Chip giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) each fell over 12%. SpaceX's post-IPO stock drop of 23% in three days, wiping over $600B and falling below its $150 IPO price, fueled concerns of an AI equity peak. Doubts on AI spending by "Hyperscalers" like Alphabet (GOOGL) and regulator warnings on chip sector overheating also weighed. Tighter monetary policy expectations dampened sentiment. The hawkish U.S. Federal Reserve, under Chair Kevin Warsh, led markets to price a 75% chance of a September rate hike and multiple actions. Rate-sensitive tech stocks vulnerable. Nasdaq 100 futures fell 2.5%, S&P 500 futures 1.3%; commodities and Bitcoin also declined.