[South Korea's KOSPI Index Volatility Exceeds 60%, Higher Than Bitcoin; AI Chip Giants and Leveraged ETFs Are the Main Drivers] According to Bloomberg, the volatility of South Korea's KOSPI Index has exceeded 60% this year, nearly double that of the Nikkei 225 and even surpassing Bitcoin, which is known for its volatility. The Korean Exchange has triggered circuit breakers seven times this year (zero times in 2025 and only once in 2024). The root cause of the volatility lies in the two AI chip giants, Samsung Electronics and SK Hynix, which together account for over 50% of KOSPI's market capitalization. The AI boom has driven their stock prices to soar, but the valuation of this sector is highly dependent on investor sentiment, while AI has yet to generate sufficient revenue to cover construction costs. The proliferation of leveraged ETFs has further exacerbated market volatility. South Korean retail investors have actively utilized leveraged products, with over $4 billion flowing into leveraged ETFs tracking individual stocks this year, accounting for more than 70% of the daily trading volume of the related stocks, amplifying price fluctuations.