The Nasdaq-South Korea feedback loop has intensified, with a notable 10% drop in South Korea's Kospi index, which has now fallen approximately 45% from its June highs. This downturn was exacerbated by Nvidia's stock falling over 5% after news of its discussions with OpenAI regarding a $250 billion funding plan for AI infrastructure.
As a result, Nvidia's market capitalization dipped below $4.8 trillion, allowing Apple to reclaim its position as the world's most valuable company at $4.95 trillion. In contrast, LVMH reported a 3% sales increase in the second quarter, driven by strong demand for jewelry in the U.S., despite slower sales in Europe and China.
Meanwhile, oil prices continued to decline amid easing tensions between the U.S. and Iran, influencing expectations for the Federal Reserve's upcoming policy meeting. Additionally, SpaceX has seen a dramatic loss of over $1.2 trillion in market capitalization since its peak in June, reflecting broader market volatility and investor sentiment