KOSPI rebounds as Trump and Nvidia CEO dismiss AI slowdown calls

  • Trump and Huang dismissed calls to slow artificial intelligence development as a fraud.
  • KOSPI rose 7.06 points, or 0.11%, to 6,691.43 at 11:28 a.m.
  • KOSPI opened flat amid high oil prices, interest rates and AI-development concerns.

South Korea's KOSPI index attempted an intraday rebound on the 15th after U.S. President Donald Trump and Nvidia CEO Jensen Huang dismissed calls to slow artificial intelligence development as a fraud. At 11:28 a.m., the KOSPI stood at 6,691.43, up 7.06 points, or 0.11%, from the previous session. The market had opened flat amid high oil prices, elevated interest rates and concerns that slower AI development could reduce semiconductor spending. November Brent crude futures rose 1.02% to $105.68 a barrel, while October West Texas Intermediate crude futures settled at $101.39. The U.S. 10-year Treasury yield reached 5.012% intraday on the 14th local time, its first move above 5% since October 2023. Overnight, SK Hynix American depositary receipts (ADRs, U.S.-traded shares representing foreign companies) fell 7.6%, while Micron Technology, Nvidia and Broadcom dropped 5.25%, 3.36% and 4.77%, respectively. During a live call reported by CNBC on the 14th, Trump said the AI slowdown argument was a fraud and criticized opponents of data-infrastructure development, while Huang agreed. Individuals and other corporations were net buyers of 493.2 billion Korean won and 653.4 billion Korean won, respectively, while foreign investors and institutions were net sellers of 838.8 billion won and 294.7 billion won. Samsung Electronics and SK Hynix traded flat, while Samsung Electronics preferred shares rose 3.6% after Life Asset Management proposed buying back and canceling them. The KOSDAQ gained 15.84 points, or 1.96%, to 822.63 after institutions made net purchases of 85.2 billion won; individuals and foreign investors were net sellers of 87.6 billion won and 1.6 billion won, respectively.

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KOSPI rebounds as Trump and Nvidia CEO dismiss AI slowdown calls - CoinPost Terminal