The South Korean stock market showed mixed results amid concerns over the potential dismissal of Nvidia CEO Jensen Huang and strong performance from U.S. cloud company CoreWeave. Shares of Samsung Electronics and SK Hynix rose following an increase in the Philadelphia Semiconductor Index.
On November 12, the KOSPI opened 14.03 points (0.26%) higher at 5,389.39 compared to the previous trading day.
In the securities market, institutions and foreign investors sold a net 133.3 billion won and 384.7 billion won, respectively, while individuals bought a net 477.2 billion won.
Among the top market capitalization stocks, Samsung Electronics (up 2.67%) and SK Hynix (up 0.78%) gained, while LG Energy Solution (down 1.94%) declined.
At the same time, the KOSDAQ index opened 0.87 points (0.13%) higher at 668.48. In the KOSDAQ market, individuals purchased a net 131.1 billion won, while foreign and institutional investors sold a net 110.1 billion won and 21.4 billion won, respectively.
Most of the top market capitalization stocks in the KOSDAQ fell, including Alteogen (down 3.65%), EcoPro (down 3.95%), EcoPro BM (down 4.46%), and JUSUNG Engineering (down 0.70%).
Overnight on the New York Stock Exchange, the Dow Jones Industrial Average rose by 0.49%, the S&P 500 increased by 1.31%, and the Nasdaq Composite jumped by 1.60%. Notably, the Philadelphia Semiconductor Index surged by 5.66% due to a spike in AI and semiconductor stocks.
A key factor influencing the market today is the potential dismissal of Nvidia CEO Jensen Huang by the company's board. Reports from The New York Times have raised concerns about additional allegations of extramarital affairs involving Huang, increasing uncertainty about his future.
According to The Wall Street Journal, Nvidia's board is reportedly considering removing Huang due to allegations of two extramarital relationships, including one with a woman suspected of being a Chinese spy.
The New York Times reported that Huang is accused of having an extramarital relationship with Kimberly Powell, Nvidia's vice president in charge of healthcare. However, it remains unclear whether the parties involved have acknowledged these allegations or the specifics of their relationship. As a result, Nvidia's stock fell more than 8% in after-hours trading.
In contrast, CoreWeave reported earnings that exceeded market expectations. The company's third-quarter revenue was recorded at $3.661 billion, surpassing the market forecast of $3.555 billion. CoreWeave also raised its annual revenue forecast for 2026 from $13 billion to $13.3 billion.
Seo Sang-young, an executive at Mirae Asset Securities, stated, "The uncertainty surrounding Jensen Huang's position could impact Nvidia's aggressive AI investment strategy, product development, and partnerships with key clients."
Han Ji-young, a researcher at Kiwoom Securities, noted, "The news of Jensen Huang's alleged extramarital affairs and the board's preparations for his dismissal may weigh on Nvidia's stock, but the strong performance of CoreWeave and the successful demand forecast for Anthropic's IPO could maintain a risk-on sentiment, leading to a neutral or positive stock trend."
On November 12, the KOSPI opened 14.03 points (0.26%) higher at 5,389.39 compared to the previous trading day.
In the securities market, institutions and foreign investors sold a net 133.3 billion won and 384.7 billion won, respectively, while individuals bought a net 477.2 billion won.
Among the top market capitalization stocks, Samsung Electronics (up 2.67%) and SK Hynix (up 0.78%) gained, while LG Energy Solution (down 1.94%) declined.
At the same time, the KOSDAQ index opened 0.87 points (0.13%) higher at 668.48. In the KOSDAQ market, individuals purchased a net 131.1 billion won, while foreign and institutional investors sold a net 110.1 billion won and 21.4 billion won, respectively.
Most of the top market capitalization stocks in the KOSDAQ fell, including Alteogen (down 3.65%), EcoPro (down 3.95%), EcoPro BM (down 4.46%), and JUSUNG Engineering (down 0.70%).
Overnight on the New York Stock Exchange, the Dow Jones Industrial Average rose by 0.49%, the S&P 500 increased by 1.31%, and the Nasdaq Composite jumped by 1.60%. Notably, the Philadelphia Semiconductor Index surged by 5.66% due to a spike in AI and semiconductor stocks.
A key factor influencing the market today is the potential dismissal of Nvidia CEO Jensen Huang by the company's board. Reports from The New York Times have raised concerns about additional allegations of extramarital affairs involving Huang, increasing uncertainty about his future.
According to The Wall Street Journal, Nvidia's board is reportedly considering removing Huang due to allegations of two extramarital relationships, including one with a woman suspected of being a Chinese spy.
The New York Times reported that Huang is accused of having an extramarital relationship with Kimberly Powell, Nvidia's vice president in charge of healthcare. However, it remains unclear whether the parties involved have acknowledged these allegations or the specifics of their relationship. As a result, Nvidia's stock fell more than 8% in after-hours trading.
In contrast, CoreWeave reported earnings that exceeded market expectations. The company's third-quarter revenue was recorded at $3.661 billion, surpassing the market forecast of $3.555 billion. CoreWeave also raised its annual revenue forecast for 2026 from $13 billion to $13.3 billion.
Seo Sang-young, an executive at Mirae Asset Securities, stated, "The uncertainty surrounding Jensen Huang's position could impact Nvidia's aggressive AI investment strategy, product development, and partnerships with key clients."
Han Ji-young, a researcher at Kiwoom Securities, noted, "The news of Jensen Huang's alleged extramarital affairs and the board's preparations for his dismissal may weigh on Nvidia's stock, but the strong performance of CoreWeave and the successful demand forecast for Anthropic's IPO could maintain a risk-on sentiment, leading to a neutral or positive stock trend."
* This article has been translated by AI.
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