Global tech and chip stocks are getting hammered, which is bad for anyone who bought into the AI hype at the top — from SpaceX retail buyers to Korean savers.

• South Korea's stock market has crashed 44% in 40 trading days, wiping out $2 trillion, mostly in chip stocks.
• SK Hynix is down 22% since its Nasdaq listing after missing sales and profit targets, with China threatening to flood the market with cheaper chips.
• SpaceX has fallen almost 50% from its high; buyers at the IPO and first-day listing are deep underwater.
• SpaceX still makes no real profit and leans on Pentagon contracts, while its data-center-in-orbit and Mars promises look like a stretch.
• A flood of unlocked SpaceX shares starting in August and December could push the price down much further.

Outlook: More pain is likely as share lockups expire, China undercuts chipmakers, and a possible Fed rate hike over inflation and the Iran conflict adds pressure.