[Edaily Reporter Lee Jeong-yoon ] The International Monetary Fund (IMF) has identified AI-related stock market corrections, a sharp rise in government bond yields, and cyber threats as the three major risk factors for global financial markets. In particular, the IMF warned that a sharp rise in government bond yields could drive down the prices of AI-related assets, thereby exacerbating financial market instability.

◇Surge in AI-Related Borrowing… South Korean Stock Market Also Exposed to Correction Risk

In its “Global Financial Stability Report (GFSR) for October 2026” released on the 13th, the IMF stated, “These three risks could rapidly tighten financial conditions and trigger market turmoil in the short term.” The IMF assessed that the risks posed by a sharp rise in government bond yields and cyber threats have worsened compared to its assessment last April.

The IMF analyzed that “if AI investments or profitability prove weaker than expected or fail to sustain, it could trigger a market correction.” While AI companies’ earnings are solid, their reliance on borrowing is increasing as they expand their investments.

In fact, the share of global investment-grade corporate bond issuance accounted for by hyperscalers—large-scale cloud and data center operators—has risen from less than 1% in 2024 to 10% this year. The share of individual stocks in leveraged exchange-traded funds (ETFs) also rose from 16% to 28% over the same period.

The complex interconnection between funding and revenue among AI companies also poses a risk. According to the IMF, 14 AI-related transactions disclosed since 2023 involve approximately $300 billion in equity investments and $650 billion in debt. Future revenue commitments total approximately $1.4 trillion. The IMF expressed concern that if key portfolio companies run into trouble, both investment value and future revenue could be simultaneously compromised.

The Korean stock market has also been found to be vulnerable to AI-related market corrections. An IMF analysis of global AI-related stock indices and movements in national stock markets revealed that the sensitivity (beta) of South Korea’s KOSPI this year was approximately 0.8, higher than that of the United States, Japan, and the Eurozone.

The IMF assessed that “Asian developed-market stock markets, which are highly sensitive to global AI stock prices, are likely to be most significantly affected by an AI investment correction.” It also pointed out that AI-related shocks could spread to other countries through increased investment in U.S. stocks.

◇AI Assets Also Vulnerable to a Sharp Rise in Government Bond Yields…Cyber Threats Worsen

A sharp rise in government bond yields was also identified as a major risk. The IMF analyzed that rising energy prices due to the war in the Middle East, inflation concerns, and high government debt and fiscal deficits in major economies are increasing upward pressure on government bond yields.

In particular, the IMF warned, “If government bond yields rise sharply, the value of financial assets—including AI-related assets—could decline due to higher discount rates.” It explained that the value of government bonds used as collateral in financial transactions, such as derivatives, would also fall, potentially exacerbating market instability.

Cyberattacks were also identified as a source of instability in the financial system. The report noted that the digitalization of financial services has increased the risk that attacks on major banks, payment systems, and cloud service providers could spread to the broader financial market.

According to the IMF, more than 70% of software security vulnerabilities exploited this year were used in hacking attacks before companies could even fix the issues. This represents an increase of about 20 percentage points from last year, indicating that the time available to respond to cyberattacks is shrinking.

The IMF recommended, “Governments should curb excessive AI-related borrowing and manage public debt at sustainable levels, while strengthening financial institutions’ cyber response capabilities and oversight of external technology firms.”