Too big to pause: Could an AI slowdown crash the economy?
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South Korean think tank: Chip boom offsets manufacturing weakness, South Korean economy still on recovery track
According to Odaily Odaily, a South Korean official think tank stated on Wednesday that the South Korean economy remains on a recovery track, with the booming chip industry offsetting the overall slowdown in manufacturing. The Korea Development Institute (KDI), in its monthly economic assessment report, noted that South Korea's exports continued their "strong" expansion, driven by robust demand related to artificial intelligence. South Korea's monthly exports surpassed the $100 billion mark for the first time in June, reaching $102.25 billion, a year-on-year increase of 70.9%, setting a new record. KDI stated, "Although the growth rate of semiconductor exports has slowed, export value remains strong, supported by continued price increases." Driven by surging demand for memory chips, semiconductor exports nearly tripled to $44.82 billion, marking the first time monthly exports have exceeded $40 billion. However, KDI noted a slight decline in manufacturing output as "the rapid growth momentum in the semiconductor sector has slowed, and other sectors remain sluggish." KDI added that high oil prices and a weakening Korean won against the US dollar could "continue to exert upward pressure on prices, increasing the risk of further interest rate hikes and thus dragging down the recovery in consumption." (Jinshi)
SlowMist traces Bitget hack activity to Aug. 31 zero-day exploit
SlowMist identified malicious activity weeks before the Bitget theft, involving a zero-day vulnerability, two security products and a custom withdrawal tool.