The Kospi and Taiex fell in tandem during Tuesday's session, with the Taiwanese index dropping more than 1% intraday before recouping some of those losses.

The two represent the physical heart of the AI supply chain: memory chips from Korea and foundry services from Taiwan.

When an adjustment begins there, it isn't merely sector rotation; it is a reassessment of expectations regarding the capex cycle itself.

Asian markets open earlier and often provide the first signal.

A single day does not establish a trend.

However, with the 10-year Treasury yield hovering near 5%, the sector most sensitive to duration and debt-financed capex is the first to feel the impact.