South Korea's stock market is falling hard, prompting an emergency government meeting to prop it up, and the selling is already spilling into US markets — bad for investors, especially those in AI and chip stocks.

• South Korea called an emergency meeting of its top financial officials to stop a stock rout that wiped out billions.
• The pain is spreading through Europe and into US markets, with the Dow down and pension funds exposed to Korea, Japan, and other shaky markets.
• The Nasdaq and AI chip stocks are the real weak spot, echoing the dot-com bubble, even as more money keeps US stocks afloat for now.
• Bond yields are rising because investors expect inflation to get worse, which pushes mortgage rates higher — a call for double-digit home loans.
• Gold, silver, and crypto are all falling, undercutting the idea that metals protect against inflation.

Outlook: Once Europe's markets clearly break, US markets are expected to follow within about four to six weeks.