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Business | Schumpeter
South Korea’s stock-market boom is collapsing spectacularly
It may be a harbinger of things to come
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Illustration: Brett Ryder
Jul 29th 2026|5 min read
America’s giant technology companies have gone from printing money to incinerating it. Owing to their extravagant spending on data centres, the market reckons Alphabet, Amazon, Meta and Microsoft will collectively report negative free cashflows next year. Yet real fortunes are being made today from Silicon Valley’s gamble on the future.
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