"Constitution Day saved the KOSPI." On July 17, Constitution Day, online communities were filled with posts expressing relief that the South Korean stock market was closed, allowing it to avoid the shock of the plummeting U.S. semiconductor stocks.

In fact, in the New York stock market on July 16 (local time), the American Depositary Receipts (ADR) of SK Hynix plunged by 13.69 percent.

Nvidia and Alphabet also fell by 2.40 percent and 4.4 percent, respectively, and memory-related stocks such as Micron, SanDisk, Seagate, and Western Digital all declined simultaneously.

The aftermath immediately hit Asian stock markets.

Japan's Nikkei 225 index fell 4.03 percent in a single day, and at one point during the session, it dropped by more than 6 percent, marking the fifth-largest decline in its history.

Semiconductor company Kioxia Holdings plummeted 16.1 percent from the previous trading day, falling to 52,110 yen, which is half the level of the all-time high it recorded last month.

In Taiwan, despite TSMC announcing second-quarter earnings that exceeded market expectations, the Taiex index plunged 6.47 percent as semiconductor-related stocks fell together.

On the other hand, South Korea avoided the shock thanks to the market holiday.

Posts such as "Constitution Day protected the country" appeared one after another on online communities and social media, though some also predicted that the market would eventually face the shock when it opens on Monday.

Amid this situation, SK Chairman Chey Tae-won reassured investors at the Korea Chamber of Commerce and Industry (KCCI) summer forum yesterday, stating, "Memory is continuously needed, so over time, it will trend upward." He added, "I don't know what the stock price will be next month, but holding onto your stocks rather than buying and selling is a good way to preserve your assets."

He further forecasted, "AI is still like a four-year-old child, but it will continue to need memory to reach adulthood," adding, "Demand is bound to increase exponentially in the future."

Reported by Lee Ho-geon | Video by Na Hong-hee | Graphics by Lee Jung-ju | Produced by SBS Digital News