Recent U.S. midterm election results have intensified concerns over potential AI regulatory tightening and data-center investment slowdowns, triggering heavy foreign outflows from Korean semiconductor names and driving the KOSPI down roughly 45% from its June 2026 peak near 9,385 to close at 5,018.85 on November 9. This sharp correction, amplified by persistent net selling from overseas investors and elevated volatility, underpins the 78% market-implied probability against reclaiming an all-time high before 2028. While upcoming Nvidia earnings and October U.S. CPI data could influence near-term sentiment, analysts note the index's heavy semiconductor weighting leaves it vulnerable to sustained AI capex uncertainty and macro headwinds, consistent with trader consensus reflected in current pricing.