Goldman Sachs analyst summarized the source of this decline. The head of the South Korean financial regulatory agency publicly admitted to regretting the hasty approval of leveraged ETFs linked to Samsung and SK Hynix at the end of May. These ETFs have rapidly expanded in size to over 9 billion US dollars by retail investors, and 92% of them are held by retail investors. If the leveraged product is forced to sell shares due to market reasons, it will lead to further market crashes. At present, the participation of retail investors in the South Korean stock market is extremely high, and the scale of financing purchases is huge, about 60 trillion Korean won (39 billion US dollars). As long as there is a slight downward fluctuation, many leveraged households will be directly flattened, and the selling pressure snowball will be further amplified. In addition, the real estate market in South Korea has also shown signs of an upward trend. Many retail investors who have recently participated in the stock market are taking profits and monetizing them. Coupled with the continuous outflow of foreign investment from technology stocks, this has also caused further pressure. Goldman Sachs' conclusion is that this is a frightening technical correction in a long-term bull market, combined with corporate profitability and AI memory demand, the fundamentals are still there. But it has to be admitted that individual investors in the market have added a bit too much leverage, which is more like a stress test, as the high leverage of individual investors amplifies the volatility.