The South Korean won surged as much as 1.3% on Monday to 1,334.70 per dollar, its strongest level since October 2024, as semiconductor stocks rallied and foreign investors continued buying South Korean equities. The KOSPI rose more than 3%, reclaiming 6,900 points, with Samsung Electronics and SK Hynix leading gains. Foreign investors bought a net ₩800 billion, or approximately $594.3 million, in KOSPI constituents for a third consecutive session. Market participants linked the rally to the unveiling of OpenAI's latest model, "GPT-6 Astra," which renewed optimism over artificial intelligence demand for high-bandwidth memory (HBM) and advanced-node chips. The won's Relative Strength Index (RSI), a momentum indicator, reached its highest level since 2013, underscoring the intensity of the move. Analysts are watching whether the rally can continue after the U.S. Consumer Price Index (CPI) release. Cooler inflation could reduce concerns about the Federal Reserve resuming rate hikes at this month's Federal Open Market Committee (FOMC) meeting, while a hotter reading could pressure the won and equities. BNY Mellon senior strategist Geoffrey Yu said the won is up approximately 6% year-to-date and that the advance appears stretched, raising the prospect of a technical pullback. The rally is supported by the semiconductor cycle, foreign inflows and seasonal dollar selling by exporters, but rising U.S. Treasury yields and extreme momentum readings remain risks.