The South Korean and US AI trades are becoming increasingly synchronized: The 60-day correlation between the KOSPI and Nasdaq 100 index is up to +0.46, the highest since July 2024. This marks a sharp reversal from a negative correlation of -0.20 recorded in March. By comparison, the 5-year average is just +0.16 or nearly one-third the 60-day metric. Furthermore, the Nasdaq 100's sensitivity to declines in South Korean stocks is up to its highest level since 1990. At the same time, the MSCI World Index's sensitivity to the South Korean market is up to its highest in 4 years. In other words, declines in South Korean equities are increasingly serving as an early read on US and global equity risk appetite, particularly in technology stocks. The AI trade has never been more global.