Foreign Investors Snap Up Naver on Asia CoreWeave Bet, Buy 176.9 Billion Won of Shares

176.9 billion won bought over six sessions, tops net purchases

AI data-center service expansion a tailwind

Foreign investors were the biggest net buyers of Naver over the past week, as the company’s AI data-center business gained traction as a new growth driver following Nvidia’s large equity investment. Some analysts also say tighter US rules on data-center construction could open a new opportunity for Naver.

Naver rose 0.67% to close at 194,300 won on Nov. 11. Korea Exchange data show foreign investors were the largest net buyers of Naver shares in the domestic stock market from Nov. 4 through Nov. 11. Their net purchases totaled 176.919 billion won over the period.

The concentrated foreign buying followed Nvidia’s large stake purchase. Naver said on Nov. 6 it completed a third-party share allotment to Nvidia worth 1.3412 trillion won ($968.8 million). The US chipmaker secured a 4.13% stake, making it Naver’s third-largest shareholder after the National Pension Service and BlackRock. The newly issued shares are scheduled to list on Nov. 27.

Naver plans to expand its AI data-center business in partnership with Nvidia. It aims to begin services with 55 megawatts of capacity in the first half of 2027 and expand that to 200 megawatts by the end of 2028. The company then plans to add another 200 megawatts to 300 megawatts in 2029 and 2030 by expanding Gak Sejong, its own data center. Over the longer term, it aims to build 1 gigawatt of infrastructure and grow into an Asian version of CoreWeave.

Some analysts say demand for data-center projects could shift to regions such as Asia and Europe as the burden of investing in US data centers rises after the US midterm elections. Lee Jun-ho, an analyst at Hana Securities, said Naver would be the biggest beneficiary in South Korea as demand grows for AI data-center construction outside the US.

Still, proving the profitability of the new business remains a challenge. In a Nov. 4 report, Lee Hyo-jin, an analyst at Meritz Securities, said foreign ownership fell sharply when Naver acquired Poshmark in October 2022 and Wallapop in August 2025. Over the past five years, the most direct trigger for foreign selling in Naver has been investment in its consumer-to-consumer, or C2C, business, Lee wrote. Order flow will improve only if the company stops investing in C2C businesses that erode companywide return on invested capital, or ROIC.

Go Song-hee, Hankyung.com reporter hgsong@hankyung.com