Cameron Winklevoss Pushes 2 Cryptos as AI Trade Rout Sinks Kospi 11%
Gemini co-founder Cameron Winklevoss declared the AI trade over on Tuesday, urging investors to rotate into Bitcoin (BTC) and Zcash (ZEC).
The call landed on the day South Korea's Kospi index closed down 10.84%. deVere Group CEO Nigel Green blames circular financing between Nvidia, OpenAI and Oracle. Tuesday's actual trigger was narrower, and it points at China.
What Triggered the AI Trade Selloff on Tuesday
The Kospi finished at 6,023.66 after a circuit breaker halted trading for 20 minutes. Samsung Electronics fell 13.4%. SK Hynix dropped 14.7%.
Japan's Nikkei 225 lost about 4%. Tokyo Electron shed 10.96%, and memory maker Kioxia fell more than 18%.
Two China-specific catalysts drove it. Changxin Memory Technologies, the Hefei-based DRAM maker known as CXMT, closed its Shanghai STAR Market debut on Monday up 466%.
That valued CXMT near 3.3 trillion yuan. It passed Industrial and Commercial Bank of China as the most valuable mainland-listed company. Its prospectus put its 2025 global DRAM share at 7.67%, fourth behind Samsung, SK Hynix and Micron.
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