South Korea’s won strengthened past 1,400 per dollar on Wednesday, reaching its strongest level in more than 10 months and a level last seen in late September 2025. The currency has gained 10.8% since early July, rising from 1,557.9 per dollar on July 2 to 1,396.6 at press time. Export earnings are supporting the recovery: South Korea shipped $98.89 billion of goods in July, up 63% from a year earlier, while semiconductor exports jumped 179% to $41 billion. SK Hynix also raised $26.5 billion through a U.S. depositary receipt listing, saying the proceeds would fund projects in the country. The same AI-driven semiconductor boom is weighing on equities as global technology concerns increase volatility. The KOSPI plunged 22% in July, its steepest monthly decline since the global financial crisis, and fell another 5.52% to 6,490.63 at press time on Wednesday. The Korea Exchange activated a sell-side trading curb. Samsung Electronics dropped 7.64% to 248,000 won and SK Hynix fell 9.09% to 1,511,000 won; together, they represent roughly half of the KOSPI’s weight. The sell-off followed declines in U.S. semiconductor stocks, including a 9.2% drop in SK Hynix’s depositary receipts in New York and a 7.02% decline in Micron Technology. The divergence shows how semiconductor strength is simultaneously boosting the won through export-related dollar inflows and pressuring South Korea’s chip-heavy stock market.