[Anchor]

Driven by strength in artificial intelligence-related stocks, the US stock market has recently been breaking record highs. In contrast, South Korea's Kospi remains stuck around the 7,000 level for months despite record-breaking earnings by semiconductor companies.

Reporter Lee Tae-gwon analyzes the reasons behind this trend.

[Reporter]

New York stock indices, including the Nasdaq and the S&P 500, have continued their upward trajectory this week by setting record highs.

On the other hand, South Korea's Kospi closed at 6,625 yesterday (Oct. 8), hovering around the 7,000 level for the third consecutive month.

AI remains at the center of the market, so why is it failing to gain traction in South Korea unlike in the US?

First, there is currently a lack of liquidity in the domestic market.

The monthly average trading value of the Kospi, which reached nearly 50 trillion won in May, was halved to 21 trillion won last month.

Retail investors have lost both the capital and the willingness to invest following the shock of the market plunge in July, while foreign investors have net-sold 197 trillion won this year.

There is simply no market driver to pull the index upward.

At a deeper level lies anxiety regarding semiconductors, which anchor the domestic market.

In the US, major tech stocks such as Nvidia, Amazon, and Meta—the so-called Magnificent Seven—are beginning to show tangible financial returns from their massive investments in AI.

South Korea makes money by selling memory chips to these companies, but doubts persist over how long Samsung Electronics and SK Hynix can sustain their high profit margins.

In particular, questions have been raised that once factory expansions increase production output starting in 2028, the easing of supply shortages will make it difficult for memory prices to continue their steep ascent.

In fact, the monthly growth rates for general-purpose PC DRAM and NAND prices have slowed down to the single digits, unlike the steep increases seen at the beginning of the year.

The market is paying close attention to whether Samsung Electronics and SK Hynix will mention memory demand forecasts during their earnings announcements scheduled for later this month.

[Interview / Kim Jae-seung / Analyst at Hyundai Motor Securities: Despite growth in Q (memory sales volume), if it is confirmed that P (price) does not drop—if that can actually be verified—then of course people will be able to buy memory chips again without worry.]

Additionally, US AI firm Anthropic is scheduled to go public in November. While some forecast this will serve as a gauge for market interest in the sustainability of AI, others expect it to have a negative impact on the domestic market due to capital concentration elsewhere.

(Photo: Yonhap News)
(Reported by Lee Tae-gwon | Video by Choi Ho-jun | Video Editing by Kim Jong-mi | Design by Lee So-jung)