芯片股暴跌拖累韩国综合股价指数收盘重挫10.8%South Korea's KOSPI Plunges 10.8% as Chipmaker Stocks Slump

2026年7月28日，韩国基准综合股价指数（KOSPI）遭遇剧烈抛售，收盘跌幅达10.8%，创下自今年3月初以来的最大单日跌幅。在周二上午的交易中，该指数在迅速下滑8%后，触发了旨在遏制恐慌性抛售的股市熔断机制。这一机制导致市场交易被迫暂停20分钟。然而，在交易恢复后，股指跌势并未得到遏制，反而进一步扩大，最终以大幅下跌收盘。

On Tuesday, July 28, 2026, South Korea's benchmark KOSPI index experienced a severe sell-off, closing 10.8% lower and marking its worst single-day performance since early March. During Tuesday morning's trading session, the index triggered a stock market circuit breaker after sliding rapidly by 8%. The mechanism, which is designed to calm panic selling, temporarily halted all trading on the index for 20 minutes. However, the downward momentum continued after the pause was lifted, leading to even deeper losses by the close of the market.

此次暴跌使得KOSPI指数自今年6月中旬的历史高点以来，已累计流失了约三分之一的市值，而此前该指数从年初到6月中旬曾实现翻倍。事实上，这已不是该指数今年第一次触发熔断。由于近期与人工智能相关的科技股频繁出现剧烈波动，KOSPI指数在今年内已多次因触发熔断机制而暂停交易，凸显出近期韩股市场面临的剧烈震荡。

The sharp decline means the KOSPI has now lost approximately one-third of its value since peaking in mid-June, a high point that capped a rally where the index had more than doubled from the start of the year. This latest market disruption is part of a broader pattern of volatility, as the tech-heavy index has already been halted multiple times so far this year under the circuit breaker mechanism amid intense fluctuations in the technology and semiconductor sectors.

在此次韩国股市的剧烈抛售中，半导体巨头首当其冲。作为全球主要存储芯片制造商之一，SK海力士股价在收盘时暴跌14.65%，而另一家行业巨头三星电子的跌幅也超过了13%。这两家芯片巨头的惨烈跌幅直接拖累了整个大盘，成为导致KOSPI指数创下数月来最大单日跌幅的主要推手。

Semiconductor heavyweights bore the brunt of the severe market sell-off in Seoul. SK Hynix, one of the world's leading memory chipmakers, saw its shares plunge 14.65% by the close of trading, while industry giant Samsung Electronics dropped more than 13%. The steep declines in these two dominant chipmakers heavily dragged down the benchmark index, serving as the primary drivers behind the KOSPI's worst single-day performance in months.

除了核心芯片制造商外，其他与人工智能及电池产业链紧密相关的科技企业也未能幸免，股价全线重挫。其中，电子零部件制造商LG Innotek收盘暴跌16.29%，电池制造商三星SDI下跌11.37%，首尔半导体下跌8.78%，化学与电池材料巨头LG化学也录得7.5%的跌幅。这些科技与新能源板块的同步大跌，反映出市场资金正在加速流出相关硬件与供应链行业。

The carnage extended well beyond the primary chipmakers to encompass other major technology and battery-related companies linked to the broader artificial intelligence hardware supply chain. Electronic component manufacturer LG Innotek plummeted 16.29%, while battery maker Samsung SDI dropped 11.37%. Additionally, Seoul Semiconductor fell 8.78% and chemical giant LG Chem lost 7.5% by the end of the trading day, reflecting a widespread retreat of capital from the nation's tech and hardware sectors.

此次韩国股市的剧烈震荡，直接受到隔夜美股纳斯达克指数下跌以及科技股走弱的传导影响。在周一的纽约交易时段，人工智能芯片巨头英伟达股价下跌5%，导致其失去了全球市值第一上市公司的宝座，并将这一位置让给了苹果公司。美股科技板块的疲软迅速通过全球交易网络波及亚洲市场，加剧了投资者对芯片和人工智能相关资产的抛售意愿。

The severe market turbulence in South Korea was directly driven by the overnight decline on Wall Street, particularly the weakness in the tech-heavy Nasdaq. During Monday's trading session in New York, AI chip giant Nvidia saw its shares fall by 5%, causing it to lose its position as the world's most valuable listed company to Apple. This weakness in US technology stocks quickly transmitted across global trading networks to Asian markets, intensifying investors' eagerness to dump semiconductor and artificial intelligence-related assets.

除了美股的直接传导，全球投资者对人工智能领域的深层担忧也是引发此次抛售的核心因素。市场对大规模人工智能投资的极高成本以及实际回报率产生了怀疑，越来越担心当前的AI繁荣可能会演变成泡沫。此外，中国芯片制造商的崛起和日益激烈的市场竞争，也进一步动摇了投资者对传统半导体巨头长期增长前景的信心，从而在全球范围内触发了对芯片供应链的重新评估。

Beyond the immediate spillover from Wall Street, deeper anxieties among global investors regarding the artificial intelligence sector fueled the sell-off. Market participants are increasingly questioning the massive costs associated with large-scale AI investments and the actual returns on these expenditures, raising fears that the AI boom could turn out to be a bubble. These concerns were further compounded by rising competition from Chinese chipmakers, which has shaken investor confidence in the long-term growth prospects of established semiconductor giants and triggered a global reassessment of the chip supply chain.

此次由半导体板块引发的抛售潮迅速蔓延至亚洲其他主要市场。在日本股市，芯片相关股票遭遇重创，东京电子收盘下跌10.96%，爱德万测试下跌超过10%，电脑内存制造商铠侠更是暴跌超过18%。此外，作为人工智能投资风向标的软银集团，因持有安谋（Arm）股份而受到波及，其股价收盘下跌4.43%。在台湾市场，行业龙头台积电收盘下跌近3%。同时，中国大陆与香港的芯片板块也未能幸免，创业板300指数下跌6.49%，恒生中国兵器半导体芯片指数也录得7.02%的跌幅。

The semiconductor-led sell-off quickly rippled across other major Asian markets on Tuesday. In Japan, chip-related shares suffered severe losses, with Tokyo Electron closing down 10.96%, Advantest sliding over 10%, and computer memory manufacturer Kioxia plunging more than 18%. SoftBank Group, a prominent proxy for artificial intelligence investments due to its stake in Arm, also saw its shares fall 4.43%. In Taiwan, industry leader TSMC closed nearly 3% lower. Meanwhile, mainland China's tech-heavy ChiNext 300 index dropped 6.49%, and the Hang Seng China Semiconductor Chips Index in Hong Kong fell 7.02%.

这股抛售压力随后传导至欧洲市场，导致欧洲主要芯片企业在周二开盘交易中纷纷走低。光刻机巨头阿斯麦（ASML）股价在开盘后小幅下跌。此前有媒体报道称，一家中国公司正在制造浸没式深紫外（DUV）光刻机，而这一领域此前一直由阿斯麦主导，该消息加剧了市场对竞争加剧的担忧，导致阿斯麦股价在周一已下跌超过8%。此外，其他欧洲芯片制造商如ASM国际和BE半导体在周二早盘交易中也分别下跌了2%至3%，显示出全球芯片产业链的整体承压。

The downward momentum extended into Europe, where key semiconductor companies registered losses in early trading. Shares of lithography giant ASML edged lower following reports from The Information that a Chinese company is manufacturing an immersion deep ultraviolet (DUV) lithography machine, a technology segment that ASML currently dominates. This development, which heightened concerns over rising competition, followed an 8% drop for ASML on Monday. Other European chip equipment makers, including ASM International and BE Semiconductor, also declined between 2% and 3% in early Tuesday trading, reflecting a widespread global reassessment of the semiconductor supply chain.