U.S. stock market overcomes AI bubble concerns…Will it retake the 4,000-point level? [Today's market preview]

As concerns about an AI (artificial intelligence) bubble have eased and expectations for a rate cut next month have grown, the U.S. stock market has returned to strength. Technology stocks that had been undergoing a correction also rebounded across the board as bargain buying flowed in. Since the large semiconductor sector leading the KOSPI is linked to the flow of U.S. AI tech stocks, the KOSPI market on the 27th is expected to show gains following yesterday.

The KOSPI closed up more than 2%, aided by buying from foreigners and institutions. It finished trading at 3960.87, up 103.09 points (2.67%) from the previous day. It opened at 3891.88, up 0.88% from the previous session, and widened gains in the late session before closing — in contrast to the recent 'strong start, weak finish' pattern the KOSPI had been showing. The top market-cap stocks all rose. Samsung Electronics closed at 102,800 won, up 3.52%, and SK Hynix also closed at 524,000 won, up 0.965. The KOSDAQ index also finished the session at 877.32, up 21.29 points (2.49%) from the previous session.

All three major U.S. indexes rose overnight. The Dow closed at 47427.12, up 314.67 points (0.67%) from the previous trading day; the S&P 500 was up 0.69% at 6812.61; and the Nasdaq rose 0.82% to 23214.69.

In particular, AI tech stocks' gains stood out. Oracle, which Deutsche Bank had forecast to be bullish, surged 4.05%. NVIDIA, which had been weak, also rose 1.37%, and Microsoft (1.78%) and Apple (0.21%) also gained. Alphabet, Google's parent company, fell 1.04% after hitting an all-time high the previous day. Alphabet's stock has jumped significantly recently as positive reviews for Google's newly released AI model 'Gemini 3.0' continued and news emerged that Meta is considering adopting Google's AI chip, TPU.

Han Ji-young, an analyst at Kiwoom Securities, said, 'Since the appearance of Gemini 3.0, the narrative seems to be shifting from an "NVIDIA monopoly" to "competition with TPU involved",' adding, 'Although there is currently a struggle for demand among stocks within the market, ultimately they will form a symbiotic relationship in which both camps raise their highs while sharing virtuous cycles such as expanding the AI market and improving profitability.'

With the momentum from U.S. markets continuing, the KOSPI market is also likely to start higher. Although the won-dollar exchange rate has not calmed, there is a possibility that exchange rate volatility will stabilize after the Bank of Korea's Monetary Policy Board meeting scheduled for the day. One analyst said, 'There are recurring policy-related noises, such as reports that the top tax rate for separate taxation of dividend income will be unified at 30% instead of the 25% the market expected, or will be dualized as "major shareholders 30% - ordinary shareholders 25%",' and advised, 'However, since none of these are confirmed, it is better not to react sensitively to such noises.'

Reporter Yang Ji-yoon yang@hankyung.com