AI Macro TerminalAI-heavy country equity indices, AI company EPS and CapEx time series — Bloomberg BQL hard data

US investment-grade corporate spreads (OAS) sit at 0.74%, the 1st percentile historically, and high yield at 2.64%, the 2nd percentile. Despite AI capex circular financing and heavy corporate issuance, funding risk is priced at essentially zero. The credit channel's early-warning has not fired. Yet the 10-year real yield is 2.28% at the 94th percentile — a discount-rate drag on long-duration assets.

Fed upper bound 3.75%; 2Y 4.20%, 10Y 4.57%, 30Y 5.07% as the long end rises and the curve steepens. May CPI ran 4.25% YoY, ISM manufacturing 54.0 and services 54.5. USD/KRW 1,502, DXY 100.9, gold $4,072/oz (+23% YoY). These are snapshot values and conditions keep moving.

The SOX semiconductor index has retraced about -12% from its June 2026 peak and the KOSPI about -15% from its peak. By contrast the S&P 500 and Nasdaq 100 were near record highs on July 9, up +21% and +29% YoY. The correction is concentrated in semis and Korea while the broad US market is intact. This reads as position liquidation, not valuation impairment.

VKOSPI peaked in the mid-90s in late June and stood at 86.4 on July 9 — fear at 2020 COVID-crash levels. Over the same span the US VIX was a placid 16.9. AI and memory volatility is concentrated asymmetrically in Korea. High beta in Korean memory and equipment names plus leveraged and margin liquidation compound the move.