KOSPI falls below the 4100 level as 'AI skepticism' rekindles…won–dollar exchange rate rises

Broadcom CEO raises questions about AI profitability

"AI revenue has lower margins than non-AI revenue"

Samsung Electronics and SK Hynix both 'weak'

President Lee mentions 'delivery delays'; DawonSys plunges

The KOSPI index is falling more than 2% in early trading as U.S.-originated 'artificial intelligence (AI) industry' skepticism has reignited.

As of 9:01 a.m. on the 15th, the KOSPI index stood at 4052.91, down 14.25 points (2.74%) from the previous trading day. The index opened down 2.72% that day.

The decline is interpreted as stemming from the renewed skepticism about the AI industry. Earlier last week, the New York stock market weakened after semiconductor company Broadcom raised doubts about AI profitability.

Broadcom CEO Hock Tan said at a briefing after the earnings announcement on the 11th (local time), "The non-AI revenue outlook for the first quarter is unchanged from the same period last year," and "rapidly growing AI revenue has lower gross margins than non-AI revenue." The market interpreted this as meaning the AI industry is 'less profitable than expected,' freezing investor sentiment in related sectors.

At this time on the KOSPI market, foreign investors are net-selling 202.3 billion won. Institutions are also net-sellers by 170.6 billion won. Individuals are net-buying 366.2 billion won.

Top market-cap KOSPI companies are all falling. The 'semiconductor top two' Samsung Electronics and SK Hynix are down 3.31% and 4.55%, respectively. LG Energy Solution, Samsung Biologics, Hyundai Motor, HD Hyundai Heavy Industries, and Doosan Enerbility are also turning to declines.

TMC, an insulated wire and cable manufacturer, is trading at 20200 won, up 117.2% from its public offering price (9300 won) on its first day listed on KOSPI in early trading. The opening price was set at 22550 won, up 142.47%.

Shinsegae Food, whose largest shareholder E-Mart has decided on a tender offer for voluntary delisting, is up 19.45%. E-Mart is also surging in the 5% range.

The KOSDAQ index is also down in the 1% range. As of now, the KOSDAQ index is at 927.71, down 1.03% from the previous trading day. In the KOSDAQ market, foreigners and institutions are net-selling 44.9 billion won and 31.5 billion won, respectively. Individuals are net-buying 83.0 billion won.

In the KOSDAQ market, robot-related theme stocks such as Hurim Robot (8.89%) and Wonik Holdings (6.71%) are rising sharply. On the other hand, DawonSys is plunging 28.57%. This is interpreted as an impact of President Lee Jae-myung mentioning the train delivery delay incident on the 12th.

The won–dollar exchange rate opened higher. In the Seoul foreign exchange market today, the won–dollar exchange rate opened at 1476.0 won, up 2.3 won from the previous trading day.

No Jeong-dong, Hankyung.com reporter dong2@hankyung.com