The unwinding of the artificial intelligence trade is triggering a global market correction that spans equities, commodities, and cryptocurrencies, with the S&P 500 down 1.4 percent, Nasdaq down 2.2 percent, Asia-Pacific down 2.9 percent, and South Korea's KOSPI crashing 10 percent. For tech professionals and developers, this threatens growth-stage startups and private company valuations, with semiconductor giants Samsung and SK Hynix dropping over 12 percent and SpaceX experiencing a 16 percent valuation crash. The contagion extends to Bitcoin, now struggling near $62,000, as investors rotate into defensive assets on expectations of Federal Reserve rate hikes.
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