Korean markets triggered 2 circuit breakers this week, 1 after incredible MU earnings. Is this cause for concern?

Korean market volatility seems to have hit extreme levels this week. Markets first triggered circuit breakers on Monday night and then again Thursday night. The 2nd trigger was a bit surprising considering micron just delivered a massive earnings beat. Experiencing 2 breakers in a week is already unusual. Triggering the 2nd one after a Micron earnings report that indicated Samsung and SK Hynix are thriving starts to concern me. It suggests the sell offs are not earnings related and that something else is going on behind the scenes. I’ve seen a few slightly troubling reports come out of Korea this week. Law makers proposed taxes on unrealized gains and SK Hynix indicated a minor shift away from HBM production. But what concerns me the most is extreme Korean leverage and reports that lawmakers want to crackdown on the use of leverage. I’m wondering if both lawmakers and extreme market volatility will intensify fears among leveraged retail traders and lead to uncontrolled selling. Additionally, the rest of Asian was also under water last night. Markets fell 2-4% across the board. Maybe there’s a greater macro phenomenon causing intense volatility in Asia that I’m not considering. US stocks don’t seem to indicate any sense of panic so far. But I’m wondering if continued intense selling in Asia could have a contagion effect on American markets, especially because Korea’s top stocks are so closely tied to the AI narrative.