TechFlow News, July 14, according to Jin10 Data, Goldman Sachs pointed out that the recent violent volatility in global tech stocks did not stem from a fundamental reversal, but was caused by a liquidity "deleveraging" storm triggered by high-leverage trading. 2x leveraged ETFs tracking Samsung Electronics and SK Hynix saw single-day declines exceeding 30% at one point, and forced liquidation triggered a vicious cycle; about 62% of the net selling volume from Korean institutional investors originated from the liquidation of such ETFs. In terms of US stocks, within the 12 months ending May this year, the margin debt growth rate reached as high as 54%, reaching the 10th decile range in history, revealing market structural vulnerability.
Nevertheless, Goldman Sachs remains optimistic about the semiconductor outlook, believing that earnings expectations for Samsung Electronics and SK Hynix have not been lowered, and the memory chip supply shortage may continue until the second half of 2028; this round of adjustment is more of a "position clearing" than an industry recession. Technically, Goldman Sachs suggests watching the key support level of 6800 points for the KOSPI index; in extreme cases, the 6000-6100 point range will constitute extremely strong support.
