South Korea's iShares MSCI South Korea ETF (EWY) trades near $145 amid a sharp November correction, with its performance driven primarily by heavy exposure to memory semiconductors—Samsung Electronics and SK Hynix together exceed 43% of assets. The KOSPI has fallen from peaks above 6,000 earlier in 2026 to the mid-5,000s, reflecting profit-taking after a year-to-date rally exceeding 50% for EWY, triggered by questions over sustained U.S. AI data-center capex, post-election regulatory uncertainty, and foreign investor outflows. Forward valuations sit at multi-decade lows near 3.5–4x earnings, while recent volatility includes a 13% single-day EWY drop on November 5 tied to global tech rotation. Key near-term catalysts include U.S. CPI releases, chipmaker earnings, and any clarity on hyperscaler spending plans that could influence memory pricing and institutional flows into Korean equities.