KODEX 200 closed 131,030 on 6/5, -5.5% from 138,730 (6/4) and -7.4% from 6/2 peak of 141,575. KOSPI has been driven by Samsung Electronics (+436% YoY) and SK Hynix (+1000%) - top 4 names now ~49.5% of index weight per recent reports. Three-sentence thesis: (1) Broadcom's weak AI chip outlook on 6/4 directly threatens the Korean semi-led rally - SK Hynix and Samsung HBM revenue thesis is the same trade; spillover takes days, not hours. (2) Index concentration ~50% in 4 chip names means there's no defensive ballast; if QQQ continues lower next week, KODEX 200 mechanically follows with higher beta. (3) After a parabolic April-June run from 96K to 141K (+47% in 6 weeks), the 1w pullback has more room to extend before sustainable support emerges; mean reversion to 20-day SMA ~125K is plausible.