Yonhap News57 minutes agoBusiness1 min readSouth Korea

Seoul shares start higher despite Wall Street losses, AI concerns

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South Korean stocks opened slightly higher on Wednesday despite overnight losses on Wall Street, as concerns over artificial intelligence spending persisted.
The KOSPI fell 0.44% to 6,062.08 at the open after a 5.46% drop the previous day driven by technology shares.
U.S. stocks also closed lower, with the Dow down 0.35% and the Nasdaq down 0.15%, while the PHLX chip index declined for a fifth straight session.

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Why It Matters

South Korean stocks opened higher after a sharp decline the previous day, driven by technology shares. U.S. markets also closed lower, with AI spending concerns weighing on sentiment.

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SEOUL, Oct. 14 (Yonhap) -- South Korean stocks opened a tad higher Wednesday, despite overnight losses on Wall Street amid lingering concerns about artificial intelligence (AI) spending.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.73 points, or 0.44 percent, to 6,062.08 at the opening bell.

The index tumbled 5.46 percent the previous day, dragged down by losses in technology shares amid renewed woes over big AI firms' heavy capital spending.

U.S. stocks closed lower. The Dow Jones Industrial Average declined 0.35 percent, and the Nasdaq declined 0.15 percent.

The PHLX chip index fell 0.23 percent, down for a fifth straight session, while Broadcom CEO Hock Tan likened the current AI investment flow to "casino gambling."

Open Questions

How long will AI spending concerns continue to affect technology stocks?
Will semiconductor companies adjust their capital expenditure plans in response to market pressure?

Seoul shares start higher despite Wall Street losses, AI concerns

Quick Look

South Korean stocks opened slightly higher on Wednesday despite overnight losses on Wall Street, as concerns over artificial intelligence spending persisted.
The KOSPI fell 0.44% to 6,062.08 at the open after a 5.46% drop the previous day driven by technology shares.
U.S. stocks also closed lower, with the Dow down 0.35% and the Nasdaq down 0.15%, while the PHLX chip index declined for a fifth straight session.

AI-generated summary

Why It Matters

South Korean stocks opened higher after a sharp decline the previous day, driven by technology shares. U.S. markets also closed lower, with AI spending concerns weighing on sentiment.

Font size

SEOUL, Oct. 14 (Yonhap) -- South Korean stocks opened a tad higher Wednesday, despite overnight losses on Wall Street amid lingering concerns about artificial intelligence (AI) spending.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.73 points, or 0.44 percent, to 6,062.08 at the opening bell.

The index tumbled 5.46 percent the previous day, dragged down by losses in technology shares amid renewed woes over big AI firms' heavy capital spending.

U.S. stocks closed lower. The Dow Jones Industrial Average declined 0.35 percent, and the Nasdaq declined 0.15 percent.

The PHLX chip index fell 0.23 percent, down for a fifth straight session, while Broadcom CEO Hock Tan likened the current AI investment flow to "casino gambling."

Open Questions

How long will AI spending concerns continue to affect technology stocks?
Will semiconductor companies adjust their capital expenditure plans in response to market pressure?

Seoul shares start higher despite Wall Street losses, AI concerns

Quick Look

Why It Matters

Open Questions

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Seoul shares start higher despite Wall Street losses, AI concerns

Quick Look

Why It Matters

Open Questions

Related Topics

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