AI's Stock Market Journey: From Unconditional Enthusiasm to Existential Questions

The global stock market's fascination with artificial intelligence has been a rollercoaster, marked by initial euphoria and subsequent apprehension. The unveiling of ChatGPT in November 2022 ignited a fervent investment rush into AI-related hardware and data center infrastructure, creating a speculative frenzy. This period saw unprecedented gains for companies supplying the foundational components of AI, painting a picture of boundless technological advancement and market opportunity.

However, by October 2025, the narrative began to shift. While hardware sectors continued their upward trajectory, software developers and hyperscalers encountered significant headwinds. The emergence of specialized AI agents, such as those developed for the legal sector, sparked widespread concern about the potential for mass office job displacement. This anxiety led investors to drastically reduce their exposure to knowledge-based service companies, perceived as most vulnerable in an AI-dominated landscape. The Korean Kospi index, heavily weighted with hardware firms, notably outperformed the US S&P 500, reflecting this stark market rotation.

The initial fears of an AI bubble soon gave way to deeper macroeconomic anxieties. Compelling analyses predicting extensive job destruction due to AI's increasing efficiency sent shockwaves through the market. Reports suggested a self-perpetuating cycle where cost savings from AI-driven layoffs were reinvested into further AI development, exacerbating the problem. This has led to profound questions about the future of work and capitalism itself, with some economists pondering the implications of infinite labor supply driven by capital, and whether AI will augment human capabilities or render them obsolete.