Analysis: AI credit stress and South Korea's stock market crash are interwoven, and the market faces multiple tests. QCP Capital wrote in an analysis that negotiations over the Strait of Hormuz have stalled, geopolitical conflict is heightening energy supply concerns, and the U.S. Strategic Petroleum Reserve has fallen to 283 million barrels, down 30.5% year on year. On AI financing risk, CoreWeave's CDS spread has risen to 1,128 basis points, far above Oracle's 300 basis points, as tech sector credit spreads keep widening. South Korea's KOSPI index plunged 14.5%, its biggest drop since October 2008, with Samsung Electronics and SK Hynix shares both falling 17% to 24%. In addition, Strategy faces potential removal risk from MSCI's November index review, and the pace of bitcoin purchases has slowed. QCP Capital