SK Hynix Perps Flash Crash Signals Korea Rout, Visa Cuts 2,600 Jobs, PayPal Opens Door to M&A

**SPEAKER_1** (0:00)
Welcome to Stock Market Today, your market briefing with actionable insights on stocks, bonds, crypto, and the events moving markets.
Let's get into it. Bitcoin at $63,487, Ethereum at $1,891, both under pressure as Asian markets suffered a brutal sell-off led by South Korea's KOSPI plunging 11%.
The semiconductor route started with a flash crash on Hyperliquid, where SK Hynix perpetual futures dropped 20% to $900 in one minute before recovering. SK Hynix shares fell 15% and Samsung dropped 13%. The KOSPI has collapsed 25% from its mid-June peak. Reports of cheaper Chinese AI alternatives are sparking concerns about the semiconductor thesis. NASDAQ futures down to 27,930 points, Lois since May.
Core Scientific announced a massive pivot, abandoning Bitcoin for AI infrastructure with a 15-year, $14 billion AMD deal for 529 megawatts of data center capacity. The company terminated its blockchip purchase agreement, taking a $42 million charge. The Senate postponed the Clarity Act to prioritize Russia's sanctions. Federal Judge Catherine Menendez blocked Minnesota's prediction market ban against Cal-She and PolyMarket, ruling the Commodity Exchange Act likely preempts state law. Visa is cutting 7% of its workforce, 2,600 employees. PayPal beat second-quarter earnings with revenue of $8.68 billion, but traded lower on soft guidance. Apple is facing a $1.8 million lawsuit after allegedly leaving a fake Bitcoin wallet app on the App Store for nine days.
Kalshi hit $1 billion in Perp's volume within a week of launch in June, but the CME is suing the CFTC over approval procedures. All eyes on the Fed decision Wednesday in Core PCE inflation data Thursday. Bond market volatility has spiked from 65 to 77, signaling potential headwinds for risk assets. Only 29 of the top 100 cryptocurrencies are trading above their 50-day moving averages. Decidedly bearish breath signaling altcoin weakness continues. That wraps your market intel. Trade smart out there. For deeper insights and real-time analysis, visit capitalcopilot.io.