[Anchor]
After experiencing a sharp decline over the past week, our stock market managed to bounce back toward the end of the week. However, dark clouds are gathering once again as U.S. stock markets tumbled sharply on Friday, led by tech shares.
Reporter Baegun has the details.
[Reporter]
Last Friday on Wall Street, the tech-heavy Nasdaq index plunged 2.15%.
Major semiconductor stocks suffered particularly heavy losses, with AMD, Intel, and Micron Technology all recording declines of over 5%.
The Philadelphia Semiconductor Index also dropped nearly 4%, extending its losing streak to 8 consecutive sessions.
This marks the longest downward trend since the 2008 financial crisis.
While astronomical amounts of capital are being poured into the artificial intelligence industry, doubts are growing over whether investments will yield corresponding returns. Amidst these concerns, CoreWeave, which has expanded AI data centers through massive borrowing, saw its shares plummet nearly 12% in a single day.
Compounding the situation, higher-than-expected inflation and rising international oil prices have reignited worries about interest rate hikes.
Kospi 200 night futures closed down 3.5%, which is expected to weigh heavily on our stock market tomorrow (October 19).
In particular, concerns are rising that if foreign selling continues, centered around large-cap semiconductor stocks at a time when retail and institutional investors have reduced purchasing power, further declines may be inevitable.
[Kim Jae-seung / Researcher, Hyundai Motor Securities : We expect that additional selling by foreigners will not be overwhelming. However, the key issue seems to be who the buying entity will be to absorb that pressure.]
At the same time, many experts suggest that it is difficult to view this recent slump as the beginning of a structural downtrend.
They argue that concerns over overheating AI investments must be distinguished from actual semiconductor industry conditions and demand.
[Park Sang-hyun / Senior Analyst, iM Securities : Since the capital expenditures of AI companies themselves remain solid, we judge that it is still premature to view this as a structural downturn.]
Four days from now, major U.S. tech companies that have driven AI investments are scheduled to release their earnings reports. Announcements regarding the scale of AI investments and profit outlooks are expected to determine the short-term direction of the stock market.
(Video Editing: Kim Byung-jik, Design: Yang Gi-tae)
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