The South Korean KOSPI index has experienced back-to-back circuit breakers, dropping 8.10% in a single day following a 7% decline, driven by high leverage and surging LNG spot prices which reached $25.40 per million BTU. Major memory players Samsung, SK Hynix, Micron, and Sandisk are facing selling pressure from margin calls, despite strong fundamentals and being booked for years. There is a risk that forced liquidations to cover these margin calls could lead to selling in US tech stocks like NVDA, TSLA, and IONQ.