How Wall Street tech and South Korean stock market are becoming increasingly intertwined

Bank employees work in front of multiple monitors at the Hana Bank dealing room in Seoul, South Korea, on May 12, 2026. Nurphoto | Nurphoto | Getty ImagesWall Street tech moves and South Korea's stock market are becoming increasingly intertwined as artificial intelligence spending binds together the fortunes of U.S. technology giants and Korean memory chipmakers.The 60-day correlation between the Kospi and Nasdaq 100 recently climbed to about 0.50, its highest level since 2021, according to data provided by Rayliant.The growing relationship reflects the increasing dominance of Samsung Electronics and SK Hynix, which together account for more than half of the Kospi index. Both companies sit at the center of the AI hardware supply chain, providing the memory chips needed for data centres operated by U.S. technology giants. "The correlation has increased because the KOSPI has become a semiconductor index," Rolf Bulk, analyst at Futurum Group, told CNBC via email.Samsung and SK Hynix increasingly depend on the same hyperscaler spending that drives earnings at U.S. semiconductor and technology companies. Data-center demand rose from around 40% of global DRAM demand last year to more tha...