Evening Scan

Markets had a rough Tuesday — a global tech sell-off hit chipmakers hardest, with South Korea's Kospi down more than 10% and the Nasdaq off 2.2%. OpenAI showed up at Cannes Lions, signaling either institutional maturation or the saturation of ad dollars across tech.

10.5% — South Korea's Kospi drop today, its steepest single-day decline in years, as chipmakers bore the brunt of a global tech reckoning. (CNBC)

Markets Recoil in Global Sell-Off Driven by Tech Stocks (paywall)

SK Hynix and Samsung led the Kospi's 10.5% plunge, with the pain spreading to ASML, STMicro, and US pre-market before the Nasdaq settled down 2.2% — a reminder that AI infrastructure enthusiasm has a valuation ceiling. (NYT)

OpenAI Debuts at Cannes Lions, Pitching ChatGPT Ad Business to Marketers (paywall)

OpenAI is courting CMOs with a ChatGPT ad unit and Codex ahead of its IPO — the company needs revenue stories beyond subscriptions, and Cannes is where you go to tell them. (Financial Times)

Google Loses Two Top AI Researchers to OpenAI and Anthropic

Gemini co-lead Noam Shazeer and AlphaFold's John Jumper are heading to OpenAI and Anthropic respectively — departures that don't show in headcount but reshape capability roadmaps. (Search Engine Journal)

EU Will Apply €3 Duty on Items Under €150 From July 1 (paywall)

The bloc's new micro-tariff on Shein and Temu orders kicks in eight days from now — a small per-item charge that signals structural pressure on low-cost cross-border e-commerce. (Bloomberg)