Seoul shares turn lower amid Nvidia controversies despite Wall Street rally
Korean shares turned lower Thursday despite overnight gains on Wall Street driven by a tech rally amid escalating controversies over Nvidia CEO Jensen Huang. After opening 0.2 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) turned negative, losing 11.32 points, or 0.21 percent, to 5,364.04 as of 9:15 a.m. Overnight on Wall Street, three major stock indexes finished higher.…
Korean shares dipped Thursday despite a Wall Street rally fueled by a tech surge, as controversies surrounding Nvidia CEO Jensen Huang intensified. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 11.32 points, or 0.21%, to 5,364.04 by 9:15 a.m., reversing its early 0.2% gain. Earlier, Wall Street's three major stock indexes had closed higher: the Dow Jones Industrial Average up 0.49%, the S&P 500 up 1.31%, and the Nasdaq Composite up 1.6%.
Investor confidence was bolstered by strong earnings from neocloud firm CoreWeave, which helped ease worries about the profitability of substantial AI investments. However, Nvidia's shares plummeted after hours following reports that the company's board planned to remove Huang. Subsequently, a New York Times article revealed that Huang had an extramarital affair with a subordinate and admitted to a relationship with a person believed to be a Chinese spy.
In Seoul, the performance of semiconductor shares was mixed. Samsung Electronics rose 0.73%, while a prominent chipmaker saw no significant movement.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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