Stocks Crash Like Crypto as Bitcoin Finds Safe Haven in Chaos

On July 28 and 29, the Korean stock market experienced its worst two-day crash in history, with the Kospi index triggering circuit breakers both days. The heaviest-weighted constituent, SK Hynix, shed roughly 23% over the two days.

The S&P 500 fell only 2.1%, Nasdaq fell 6.6%, but the Philadelphia Semiconductor Index cratered 28.6%. This was not market-wide panic, but a precision-targeted demolition where long-side positions were most crowded.

According to Dan Niles, this is not the AI thesis breaking down, but rather a 'short-term bottom' pounded out by forced liquidations from retail investors and hedge funds.