9AM Hour: Global Sell-Off: Tech Pain as Kospi plummets 10%, Chips Tumble 6/23/26

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 23 June 2026

⏱️ 43 minutes

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Summary

Carl Quintanilla, David Faber and Sara Eisen covered all of the bases on the tech-fueled global market sell-off: South Korea's Kospi tumbled ten percent from a record closing high — as chipmakers Samsung and SK Hynix fell by double digits and weighed on shares of their U.S. counterparts; AI spending fears impact "Magnificent 7" stocks; SpaceX shares briefly fell below Friday's post-IPO opening price of $150. Also in focus: Oil prices fall to fresh March lows as U.S.-Iran talks continue, Apollo's private credit fund caps redemptions, Oracle job cuts update. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CNBC's squawk on the street. Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kinketia with David Favre, Sarah Eisen at post-9 of the New York Stock Exchange. Kramer's off today. Global markets on the lookout for signs of AI exhaustion as the Caspi falls 10% overnight in South Korea.
0:22.0	Biggest drop in three months.
0:25.1	SpaceX dips below its opening price from IPO day.
0:26.6	Oil below 74.
0:30.0	The president says 19 million barrels crossed the straight yesterday.
0:34.1	Goldman does cut its Q4 bread forecast to 80.
0:37.1	Our roadmap begins with this intensifying tech route.
0:38.6	Chipstocks joining the pullback.
0:43.5	Memory names tumbling as the global selloff rages on. Plus always keeping an eye on private credit this morning or late yesterday, Apollo curb withdrawals in its main retail focus private credit fund
0:49.0	that after exit requests at about 17% of the assets. And SpaceX set for its fourth down session in a row,
0:57.0	wiping out more than $900 billion now in market value and trading around its IPO opening price
1:02.3	of $150 bucks a share. Let's begin with this global sell-off. Talk about what happened in South
1:07.3	Korea overnight, one of their biggest drops in several months. Names like S.K. Heinex and Samsung down about 12%. We've been talking about how toward their
1:16.2	gains have been so far this year, of course. Right. When it goes the other way, it's very
1:19.3	painful. And this at a time where I think it's important to mention that margin debt,
1:23.7	basically borrowing to buy stocks, this month in South South Korea hit a record high, 38.5 trillion
1:30.3	won, which is about $25 billion. So you hit things like forced liquidations when stocks go the other
1:37.8	way. It also comes just a day after S.K. Hynix overtook Samsung, its competitor in South Korea, as the most highly valued stock
1:47.0	in the country.
1:48.0	That is a title that Samsung has held basically since 2000.
1:53.0	So there is this super crowded.
1:55.0	There was also, you know, a local report that people were reading into that XK.
	...

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