Chip stocks rally in Seoul after sell-off; OpenAI files for IPO
8 reported
South Korean chip stocks surged on Tuesday, triggering circuit breakers on the Seoul stock exchange for the second consecutive day, according to a single-source report from The Guardian. Samsung Electronics shares rose over 9%, while SK Hynix gained 15%, driving the KOSPI index up 8.4% after an 8% drop the previous day. The rally was partly attributed to a new multiyear partnership between SK Hynix and Nvidia to develop next-generation memory for AI systems. Separately, OpenAI announced it had confidentially filed for an initial public offering on the US stock market, with a potential valuation exceeding $850 billion. The company stated it has not yet decided on timing for the IPO. Analysts cited in the report noted that the KOSPI’s volatility is unusual and driven by speculation, and that the upcoming IPOs of OpenAI, Anthropic, and SpaceX will test the current tech-focused market narrative.
What’s reported
Circuit breakers were triggered on the Seoul stock exchange for the second day running, this time due to a rapid rise.
Samsung Electronics shares rose over 9%, and SK Hynix shares surged 15%.
The KOSPI index rose 8.4% on Tuesday after falling 8% on Monday.
SK Hynix announced a multiyear partnership with Nvidia to develop next-generation memory for AI systems.
OpenAI filed a confidential S-1 with the SEC for an initial public offering, with a valuation expected at more than $850 billion.
OpenAI’s blogpost said: “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company.”
Analyst Ipek Ozkardeskaya said the KOSPI’s volatility is “unusual and worrying” and that “when the music stops, there will be carnage.”
Analyst Kathleen Brooks said the OpenAI filing means “we will hear more about how much revenue it is generating and how much cash it is burning through.”
Key figures
Ipek Ozkardeskaya, senior analyst at Swissquote
Kathleen Brooks, research director at XTB
Jensen Huang, Nvidia CEO (mentioned as touring Seoul)
Donald Trump, US president (mentioned in context of Iran peace deal comments)
Sources: The Guardian
