As the South Korean KOSPI index has dropped roughly 28% over the past month,Jim Crameris pointing to the intertwined relationship between U.S. and Korean tech stocks as a hidden driver of Wall Street's recent struggles, labeling the link an "under-rated reason" for the slump.
隨著韓國綜合股價指數（KOSPI）在過去一個月下跌了約28%，Jim Cramer指出，美國與韓國科技股之間盤根錯節的關聯是近期華爾街困境的一個隱藏驅動因素，並將這種聯繫稱為股市下跌的「被低估的原因」。
The 'Nightmare' Correlation
「噩夢般的」相關性
Reacting to reports of tightening correlations between the two markets, Cramer took to X to voice his concerns regarding the broader tech sector's recent underperformance. He described the growing global linkage as an "under-rated reason for tech under-performance" and a "nightmare addition to our markets."
在回應有關兩國市場相關性日益緊密的報導時，Cramer在X平台上表達了他對整個科技類股近期表現不佳的擔憂。他將這種日益增強的全球聯動描述為「科技股表現疲軟的一個被低估的原因」，並稱其為「對我們市場的噩夢式疊加」。
This warning comes as the KOSPI Composite Index has plummeted 28.39% in just one month, falling over 35% from its 52-week high of 9,385.59. Meanwhile, data from Rayliant Global Advisors reveals that the 60-day correlation between the tech-heavy Nasdaq 100 and the KOSPI recently hit roughly 0.50, marking its highest level since 2021.
這一警告發出之際，KOSPI綜合指數僅在一個月內就暴跌了28.39%，較其52周高點9,385.59下跌逾35%。與此同時，Rayliant Global Advisors的數據顯示，以科技股為主的納斯達克100指數與KOSPI之間的60日相關係數最近已升至約0.50，達到自2021年以來的最高水平。
Under-rated reason for tech under-performance. Nightmare addition to our markets— Jim Cramer (@jimcramer) Jul廿y 28, 2026
科技股表現疲軟的一個被低估的原因。對我們市場的噩夢式疊加—— 吉姆·克萊默（@jimcramer），2026年7月28日
Read Also:More Than $1 Trillion Wiped Out as China Chip Fears Slam Nvidia, SK Hynix, Micron and Memory Stocks: ETFs to Watch
另請閱讀：由於對中國晶片的擔憂重創輝達、SK Hynix、美光科技及內存股，超過$1兆被抹去：值得關注的ETF
The AI Barometer
人工智慧晴雨表
This tightening bond is heavily driven by the artificial intelligence boom. South Korean heavyweightsSamsung ElectronicsandSK Hynix Inc. ADR(NASDAQ:SKHY), which together account for more than half of the KOSPI index, sit at the center of the global AI hardware supply chain.
這種日益緊密的聯繫很大程度上由人工智慧熱潮所驅動。韓國巨頭Samsung Electronics和SK Hynix Inc. ADR（NASDAQ:SKHY）共同佔KOSPI指數比重超過一半，處於全球AI硬體供應鏈的核心位置。
Because these chipmakers rely on the exact same hyperscaler spending that fuels U.S. tech giants, they act as an early indicator for global AI demand before Wall Street even opens.
由於這些晶片製造商依賴於與推動美國科技巨頭相同的超大規模雲服務商支出，因此它們在華爾街開盤前就能成為全球AI需求的先行指標。
"The correlation has increased because the KOSPI has become a semiconductor index,"Rolf Bulk, an analyst at Futurum Group, told CNBC.
「相關性之所以增強，是因為KOSPI已經變成了一個半導體指數，」Futurum Group的分析師Rolf Bulk告訴CNBC。
Fading Diversification Benefits
多元化優勢正在減弱
Analysts warn that this increasing alignment strips investors of a key portfolio shield.Phillip Wool, head of research at Rayliant Global Advisors, also told CNBC that the fortunes of both markets are now being driven by a single common factor: sentiment toward the AI hardware trade.
分析師警告稱，這種日益增強的聯動性使投資者失去了一個關鍵的投資組合保護屏障。Rayliant Global Advisors研究主管Phillip Wool也向CNBC表示，兩個市場的走勢如今正受到一個共同因素的驅動：市場對AI硬體交易的情緒。
"Korea no longer provides diversification against U.S. tech," Bulk echoed. With heavy exposure to a single cyclical theme, experts caution that any potential slowdown in AI spending could severely impact both markets simultaneously, erasing the geographic diversification benefits investors previously sought.
Bulk也表示：「韓國股市不再能避險美國科技股的風險。」由於兩國市場均高度集中於單一周期性主題，專家提醒，一旦AI支出出現任何潛在放緩，都可能同時嚴重衝擊這兩個市場，從而抹去投資者此前所追求的地域多元化優勢。
How Have KOSPI and Nasdaq Performed?
KOSPI指數與納斯達克指數表現如何？
While the KOSPI Composite Index fell 28.39% over the month and 10.73% over the last five sessions, the Nasdaq Composite Index has slipped 1.44% in a month and 2.26% over the last five sessions.
本月，KOSPI綜合指數下跌了28.39%，在過去五個交易日下跌了10.73%；而納斯達克綜合指數本月下跌了1.44%，在過去五個交易日下跌了2.26%。
However, KOSPI has returned 42.94% on a year-to-date basis, and the Nasdaq was up just 7.27% in the same period.
然而，KOSPI指數年初至今已上漲42.94%，而納斯達克指數同期僅上漲7.27%。
When compared with the U.S.-based semiconductor and memory ETFs,iShares Semiconductor ETF(NASDAQ:SOXX) was up 69.30% year-to-date, lower by 12.49% over the month and 113.72% higher over the year.
與美國本土的半導體和記憶體類ETF相比，iShares Semiconductor ETF（納斯達克代碼：SOXX）年初至今上漲了69.30%，本月下跌了12.49%，過去一年則上漲了113.72%。
The newly launchedRoundhill Memory ETF(BATS:DRAM) declined by 27.06% over the last month, and it was 94.19% higher since its listing in April.
新推出的Roundhill Memory ETF（BATS代碼：DRAM）在過去一個月下跌了27.06%，自今年4月上市以來上漲了94.19%。
Read Also:SK Hynix Sinks Below Nasdaq IPO Price as China Chip Fears Trigger Memory Stock Rout
另見：SK Hynix跌破納斯達克IPO發行價，中國晶片憂慮引發內存股拋售潮 (Benzinga)