FX.co ★ South Korean Shares Rally on AI Partnership

The KOSPI index surged by 2.4% to reach approximately 3,538 on Thursday, hitting a record high, while carrying forward the positive momentum from the previous session. This rise was driven by a rally in chipmakers following the announcement of a collaboration with OpenAI. SK Hynix experienced a significant increase, soaring over 10% to its highest point since 2000. Similarly, Samsung Electronics saw a notable jump of more than 4%, reaching levels not seen since early 2021. Both companies revealed a strategic partnership with OpenAI to provide advanced memory chips for its Stargate data centers, highlighting South Korea’s pivotal role in the AI supply chain. SK Hynix is already recognized as a major supplier of high-bandwidth memory to Nvidia. Meanwhile, South Korea’s consumer inflation escalated to 2.1% in September, surpassing market predictions of 2% and rising from 1.7% recorded in August. This development raises concerns regarding the future policy direction of the Bank of Korea.