Transcription
Yesterday, yesterday, sir, was the day South Korea's stock market fell the hardest.
>> Uh.
>> How hard? So hard that it affected millions of accounts.
>> Millions of accounts.
>> Millions, 1,000 accounts.
>> What happened? And what is its origin? I'd like Khun Kae to tell us first.
>> Oh, there's a very good article written by Khun Nitipoom. He said yesterday was the most miserable day for South Koreans.
>> When investment is not saving, but the last gamble of life. Hmm, gamble how?
>> I'd like to see the graph of the South Korean stock exchange index first.
>> Yes, today it has surged.
>> Ah, today it has surged.
>> I gave it to the team.
>> Okay. [Clears throat] This, just now. Let's go back a bit, back one image. Okay, one image at a time. I think I sent two images.
>> Let's look at today. The past week, viewers, please look.
>> The stock market index, the main stock exchange of South Korea.
>> It went down, this is in just one week.
>> Yes.
>> 17.9%. This is already up.
>> Yes.
>> Before this, it dropped to, oh wow, 5,400 people.
>> It disappeared, teacher.
>> It was completely wiped out.
>> Uh.
>> Look at one month, Khun Kae. The past month. Ah, is there another page?
>> This is one week.
>> Ah, one month.
>> This is one month.
>> Viewers, you see that in one month it has been continuously declining.
>> Uh-huh.
>> But yesterday, it dropped so hard, like a freefall.
>> Yes.
>> They say many people fell.
>> Millions of accounts.
>> Millions of accounts. What did this person say?
>> They said that in other countries, people with leftover money deposit it in banks, buy bonds, buy stocks, save it for their children's education. Investment is similar to planting a tree, you water it, till the soil, and wait for it to bloom and bear fruit. But in South Korea today, for many people, investment is not like planting a tree, but more like mortgaging their house, teacher, and using the money to buy the last lottery ticket, believing that if this ticket doesn't win, their entire life will have no chance to prosper further. They are ready to risk.
>> Ready to risk. They say when the index surged rapidly with the trend of artificial intelligence or AI and semiconductor stocks, South Koreans, from students, salaried workers, housewives, to retirees, all lined up to buy hope in stocks. What was originally for investors has become a topic of conversation at the dining table, on the subway, or in the office. South Koreans holding stocks increased from approximately 6 million people in '62 to over 14.5 million people by the end of '68.
>> How much did it increase?
>> From 6 million to 14 million.
>> Do you know why?
>> More than double.
>> They got rich quickly.
>> Got rich quickly.
>> Doing anything else didn't make them rich, simply put, the economy wasn't good.
>> Do you know why?
>> Uh-huh.
>> For stocks in South Korea, what do people think of when they want to invest? One, Samsung.
>> Samsung. Uh, Chae.
>> Two, it's uh, SK Hynix.
>> Uh-huh.
>> Which are technology-related stocks.
>> Chips and things like that. Uh, just these two. Just these two, Khun Kae.
>> Yes.
>> They account for over half of the stocks.
>> Of the market. Oh, really?
>> These two. [Inhales] That everyone rushed to buy.
>> Uh-huh.
>> Now, retail investors.
>> They have to hope because the performance of these two has been soaring all along.
>> Yes.
>> So they put their weight there.
>> Uh-huh.
>> But in South Korea, there is.
>> Is there a Thai term for this? Sell your house, sell your car.
>> Sell your house, but not just sell it. If you buy normally, that's one thing.
>> Uh-huh.
>> But there is leverage, meaning.
>> You can borrow some and get some leverage. And borrow.
>> Borrow multiple times, let's say.
>> Yes.
>> But after borrowing, if it goes up, you're saved. You become explosively rich.
>> You don't have to use your own money.
>> Yes. Uh-huh.
>> But if it goes down, if it goes down, you will be forced to add money. Now we're in trouble.
>> Because if it goes down a little, it's okay.
>> Uh-huh.
>> But if it goes down a lot, you are forced to sell.
>> Uh-huh.
>> The more you add money and it goes down again.
>> Uh-huh.
>> It's wiped out. Now, it turns out that.
>> On the day in July, it dropped by 30-40%.
>> 40% in just over a month. It lost nearly 40% of its value from its peak of over 2 trillion dollars, or 67 trillion baht.
>> Oh wow.
>> If you compare it to Thailand's annual budget, it's 18 times, teacher. The money that disappeared into thin air.
>> 67 trillion baht evaporated from the market.
>> Yes.
>> In front of the South Korean National Assembly, people placed 40 wreaths to protest the government because the government also supported this trading. Supported.
>> Fully supported. Because the government considers it an important tool.
>> That is single stock leverage. The idea is.
>> It's an approval for retail investors to trade stocks by borrowing money, and there's a policy for ETFs that if it goes up, I'll go up twice.
>> Oh wow.
>> If it goes down, it goes down twice.
>> Down twice.
>> Meaning they will buy, they will buy more to push it up.
>> Uh-huh.
>> If it goes down, it goes down twice.
>> So they see the government as part of the reason.
>> That made retail investors, or the "ants," die.
>> When it was going up, they got immensely rich, prosperous. But when it went down, they were forced to sell.
>> Yes.
>> They were forced to sell, and selling wasn't enough, they were still in debt.
>> Still in debt. The Minister of Finance even had to apologize to the public in parliament, saying that the introduction of leveraged ETF products was not considered carefully enough, causing immense damage to a large number of retail investors.
>> The government is urgently issuing measures to limit investment ratios, increase minimum deposits, and increase trading costs. But it's too difficult to close the stable door when the whole herd has already escaped. It's like closing the barn door after the horse has bolted.
>> So today, there's a lot being shared. People who lost money are writing on social media platforms.
>> It's heartbreaking.
>> For example, one person said they saved money their whole life, got 50 million.
>> 50 million.
>> But they became broke at over 40 years old, past the age to find a job. They are in their twilight years, and they are still in debt.
>> Uh-huh.
>> Many retail investors in South Korea are now sleepless. The money they saved their whole lives is disappearing. It is estimated that the total losses for South Korean investors in this historic event may exceed 1.3 trillion baht, just for retail accounts, teacher.
>> Uh-huh.
>> Yes, this is considered a day of great misfortune. People are wondering why this happened. Firstly.
>> Uh-huh.
>> One is concern about AI spending fatigue. This means investors in the global market are starting to question the value.
>> Uh-huh.
>> Of the massive investment in AI systems and data centers. This is a big issue now.
>> Uh-huh. Uh-huh.
>> So it affects AI stocks, and it affects everything.
>> They say that in reality, the fundamentals are not that bad.
>> Still.
>> But perhaps it's just not growing as fast as desired.
>> There are adjustments and upticks.
>> It's no different from oil.
>> Yes.
>> US Dollar, Yuan, Gold.
>> Uh-huh.
>> This is a battlefield where they are fighting. And there is still uncertainty. Therefore, this matter is still unclear about the future of AI's survival or.
>> Will it be able to.
>> Have challengers that continue to compete, especially from China?
>> Especially with increasing competition. Just now, we encountered a problem: questioning whether the investment is too much.
>> Uh-huh.
>> Many people say it's not a bubble yet. But the investment is so large that it's unknown whether the return on investment will be worth the inflated value.
>> Uh-huh. So, two companies, Kae, they are chip companies, right? They say when data centers boomed, they were willing to buy at 10 times the price, as if the price had already surged.
>> Yes, it had already surged.
>> Uh-huh. But later, when growth wasn't as fast.
>> They sold off, and there was concern, they sold off stocks, and they fell. And there is concern about DAM. Companies like CXMT, or Changxin Memory Technology from China.
>> Which has been listed on the stock exchange and is expanding.
>> Memory chip production.
>> Uh-huh.
>> To compete for market share. This is part of competing for market share, so there are ripples. It's not that AI is only in America and Korea. They are fighting strategically and for power, who will be the true technology owner. Don't forget that China has rare earth minerals.
>> Ah.
>> And it has reserve capital as a major operator in chip manufacturing.
>> Uh-huh.
>> Leading to rapid development.
>> Yes.
>> Not to mention the important news, Khun Kae.
>> Yes.
>> AI is starting to hack private data of others.
>> Oh wow, teacher.
>> This is also big news.
>> Yes.
>> And this is not the first news. There have been similar news before, whether it was OpenAI.
>> Uh-huh. [Clears throat]
>> And most recently.
>> Perplexity.
>> Ah.
>> Anthropic, right?
>> Yes.
>> What's the news?
>> Anthropic has admitted, for the first time, that some of its Claude AI models have been able to hack into other companies' systems. Is that possible?
>> This is going into companies. They said that during cybersecurity testing, it was revealed that the AI model they were training could unintentionally access the internet. Unintentionally. It might have been off, but it could access it, or they turned it on. This is different from the case of OpenAI, where the company's AI used a new vulnerability to access the internet during cybersecurity testing. They said that in the recent incident, Anthropic, based in San Francisco, revealed through a blog post that the company identified the incident after reviewing 141,600 tests. This is a process the company started after OpenAI announced last week that its AI-powered automated agent had hacked into the systems, affecting the infrastructure of another startup company. Similarly, Anthropic's Claude AI model was also informed that it did not have internet access, but there was a misunderstanding related to one of Anthropic's evaluation partners, causing the system to connect.
>> By itself.
>> By itself, to public websites, and it hacked into the systems of 3 organizations without permission.
>> We are starting to worry.
>> So, humans can't control it anymore?
>> Can't control it. I think we're starting to worry, you know? People in Thailand now, and people around the world.
>> Uh-huh.
>> Are bank accounts still safe?
>> This is a very challenging question.
>> Yes.
>> Let's not even talk about Bitcoin. Before this.
>> Uh-huh.
>> Viewers, do you think the system they believe in, the trading system.
>> Uh-huh.
>> That uses blockchain through what is called cryptocurrency.
>> Yes.
>> And there are hacks and data concealment.
>> Uh-huh.
>> Are we still safe?
>> Billions are gone. [Laughs]
>> Billions are gone. It's still scary.
>> Uh-huh.
>> [Music]