Wall Street Breakfast: Chips Drag Korea Lower; Ford, GM Vie for Pentagon Contract; Cracker Barrel CEO Out
South Korea's KOSPI index plunged approximately 10% on Tuesday, driven by a global selloff in tech stocks, particularly chipmakers SK Hynix and Samsung Electronics, which fell 13% and 12% respectively. The decline was attributed to renewed concerns over AI investment spending and competition from lower-cost Chinese companies. The weakness also spread to Japan's Nikkei, which fell 4.1%. Separately, Ford and General Motors are competing for a major Pentagon contract to build a tactical truck for the U.S. Army, with prototypes due for testing and first deliveries expected by March 2027. The contract could involve at least 600 vehicles at about $330,000 each. Additionally, Cracker Barrel CEO Julie Masino is stepping down after less than three years, following an ill-fated rebranding effort. She will be succeeded by former Bloomin' Brands CEO David Deno. Other trending stories include the FAA calling for Boeing 737 MAX seat inspections, BuzzFeed's plan to cut a third of its workforce, and Taiwan reportedly probing Nvidia over alleged AI chip smuggling to China.
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