The sense of gloom on Wall Street is putting pressure on some of the most committed backers of American exceptionalism: South Korea’s risk-seeking retail investors.

Warren Buffett created Berkshire Hathaway Inc.’s Class B shares almost 30 years ago to stymie money managers who sought to split the high-priced conglomerate’s stock.

Signs of recovery in smartphone and computer demand have yet to provide the next tailwind for chip stocks as they languish below the heights of this year’s artificial intelligence rally.

Asia’s benchmark stock index was on track to enter a bull market, as China’s reopening and a weakening dollar lure investors back to the region.