South Korea's stock market just had its worst week since Lehman. If you trade from New York or London, almost all of it happened while you were asleep. On Thursday, the KOSPI opened 5.6% down, hit its circuit breaker at 12:38 and stopped trading for 20 minutes. It was 11:38pm in New York and 4:38am in London. By the time London opened at 8:00, Seoul's main session had already closed 7.6% down. Over the week, the index fell 14.5% (in won), with SK Hynix $SKHY down 24.3% and Samsung down 17.8%, as investors questioned how long Big Tech can keep spending on AI. Emerging markets move on their own clock. Onchain markets don't close for the night. What if you didn't have to sleep through the next one?

One company, worth about $1.65 trillion, makes up more than half of a whole stock market. And that market's index is still at half the level it hit in 2006. It's Saudi Arabia. No company on Wall Street carries that kind of weight. Here's what that does to a market. (1/5)