Woofun AI reports that Goldman Sachs attributes recent global tech stock volatility to liquidity deleveraging from high-leverage trades rather than deteriorating semiconductor fundamentals. A new double-leverage ETF in South Korea amplified swings, causing tracking funds for Samsung Electronics and SK Hynix to drop over 30% in single days. Forced selling to maintain leverage ratios created a liquidity stampede, with Goldman Sachs estimating 62% of recent net selling by South Korean institutions stemmed from these ETF liquidations.

The Leuthold Group noted U.S. margin debt rose 54% over 12 months to record highs, concentrating leverage in AI and semiconductors and increasing market fragility. Goldman Sachs maintains the sector has not reached a cyclical peak, citing unchanged earnings expectations for Samsung and SK Hynix. Storage chip supply constraints may persist until the second half of 2028, characterizing the current correction as a position adjustment rather than a fundamental reversal.