Seoul shares dip nearly 6 pct on extended chip rout amid AI skepticism

Seoul shares open higher on bargain hunting amid AI spending concerns

Seoul shares opened higher Thursday, as investors attempted to buy oversold stocks despite losses on Wall Street amid concerns over artificial intelligence spending and uncertainty about the Federal Reserve's policy path. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.53 points, or 0.33 percent, to 5,681.77 at the opening bell. On Wednesday, the index plunged 5.98 percent to close at 5,663.24, following a 10.84 percent decline t…

Seoul shares dip nearly 6 pct on extended chip rout amid AI skepticism

Seoul shares plunged by nearly 6 percent Wednesday following a nearly 11 percent crash the previous session as investors dumped semiconductor stocks amid growing skepticism over AI spending.

Chip firms lead tech stocks rout despite blockbuster earnings

The tech rout deepened, with shares in chip companies leading the slump despite supercharged earnings. South Korean giant SK Hynix closed 9.61% down after reporting a record quarterly profit; rivals also saw slumps. This is a “correction to a little bit of the [AI] froth,” an analyst told CNBC, although it may also represent deeper fears. Some investors are concerned that tech giants’ enormous AI spending is unsustainable: Alphabet’s shares slum…