South Korean Stocks Surge After Nvidia’s Surprising Earnings

SEOUL, South Korea — South Korean stocks climbed more than 2% on Thursday following positive earnings forecasts from Nvidia, easing concerns about a potential bubble in artificial intelligence stocks.

The benchmark KOSPI index rose by 92.81 points, or 2.36%, reaching 4,022.32 as of 0053 GMT, recovering from two days of losses.

Nvidia CEO Jensen Huang reassured investors on Wednesday, stating that worries about an AI bubble were unfounded. The company’s strong growth surprised Wall Street, as it posted better-than-expected earnings after several quarters of declining sales.

U.S. officials reportedly signaled that long-promised semiconductor tariffs may not be enacted soon, according to Reuters.

Among major players, Samsung Electronics saw its shares increase by 3.63%, while SK Hynix gained 3.74%. Battery manufacturer LG Energy Solution rose by 2.00%. Meanwhile, Hyundai Motor‘s shares nudged up by 0.38%, with sister automaker Kia Corp increasing by 0.52%. Steelmaker POSCO Holdings added 2.87% to its share value.

Of the 922 stocks traded, 757 experienced gains, while 133 declined. Foreign investors purchased a net of 271.5 billion won ($185.06 million) worth of shares.

The South Korean won strengthened slightly, trading at 1,467.1 per dollar, a 0.10% increase from the previous close.

In the bond market, December futures for three-year treasury bonds fell by 0.03 points to 105.88. Meanwhile, the yield on the three-year treasury bond rose by 1.0 basis points to 2.885%, and the benchmark 10-year yield remained unchanged at 3.285%.

Wall Street’s performance, influenced by Nvidia’s surprising results, not only boosted investor sentiment in South Korea but also highlighted the interconnectedness of global tech companies.