Seoul shares start sharply higher following Nvidia's leadership change
Korean stocks opened sharply higher Friday despite U.S. losses following the departure of Nvidia CEO Jensen Huang, who has been deeply connected with the current artificial intelligence (AI) boom. Opening 2.05 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 150.08 points, or 2.81 percent, to 5,492.81 as of 9:15 a.m. Overnight on Wall Street, major stock indexes…
Korean stocks opened sharply higher on Friday, defying losses on Wall Street following the departure of Nvidia CEO Jensen Huang. The Korea Composite Stock Price Index (KOSPI) gained 2.81 percent, reaching 5,492.81 points by 9:15 a.m. Wall Street's major indexes had ended lower due to declines in tech shares. The Dow Jones Industrial Average slipped 0.36 percent, while the S&P 500 and Nasdaq Composite slipped 0.35 percent and 0.39 percent, respectively.
The PHLX semiconductor index also retreated by 0.54 percent. Reports emerged of multiple affairs, including one with a suspected Chinese spy, leading Nvidia's board to remove Huang from the CEO position and appoint CFO Colette Kress as interim CEO. Huang's exit has raised concerns among investors regarding the future of the global artificial intelligence (AI) ecosystem, which Huang had played a pivotal role in shaping.
In Seoul, Samsung Electronics and chipmaker SK hynix led the market with gains of 3.37 percent and 4.63 percent, respectively.
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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