Seoul shares open higher on Wall Street tech rally amid Nvidia controversies
Quick Look
- South Korean shares opened higher, tracking overnight Wall Street gains driven by a tech rally.
- The KOSPI rose 0.2 percent to 5,385.94 at the opening bell.
- Nvidia fell sharply after the bell amid reports its board is preparing to oust CEO Jensen Huang over alleged misconduct.
AI-generated summary
Why It Matters
South Korean shares opened higher tracking overnight Wall Street gains driven by a tech rally. Strong earnings from CoreWeave eased concerns over AI investment profitability, but Nvidia fell sharply after reports its board is preparing to oust CEO Jensen Huang amid misconduct allegations.
SEOUL, Nov. 12 (Yonhap) -- South Korean shares started higher tracking overnight gains on Wall Street driven by a tech rally amid escalating controversies over Nvidia CEO Jensen Huang.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.58 points, or 0.2 percent, to 5,385.94 at the opening bell.
Overnight on Wall Street, three major stock indexes finished higher. The Dow Jones Industrial Average rose 0.49 percent, the S&P 500 gained 1.31 percent, and the Nasdaq Composite advanced 1.6 percent.
Strong earnings reports from neocloud firm CoreWeave eased investor concerns over the profitability of massive AI investment.
However, Nvidia fell sharply after the bell as the Wall Street Journal reported that the company's board is preparing to oust Huang.
Later, a New York Times report said that Huang had an extramarital affair with a company executive who reported to him, while the Nvidia CEO had admitted that he had a relationship with a suspected Chinese spy.
What to Watch
AI outlook — possibilities, not facts
Nvidia's stock will continue to face downward pressure in immediate trading sessions
Likely · Within hours
Open Questions
- Will Nvidia's board actually proceed with ousting Jensen Huang?
- What specific evidence supports the allegations against Huang?
- How will Nvidia's stock perform in subsequent trading sessions?
