Kospi Falls 0.79% Early as Nvidia After-Hours Slump Weighs on Chip Stocks

The Kospi fell in early trading, slipping back to the 5,330 level. Pressure spread to South Korean semiconductor shares after Nvidia tumbled in U.S. after-hours trading on a report that its board was preparing to remove Chief Executive Officer Jensen Huang.

As of 9:11 a.m. on November 12, the Kospi was down 42.23 points, or 0.79%, at 5,333.13. The benchmark closed the previous session at 5,375.36, up 2.60%, but the early upward momentum faded after the open.

The mood in U.S. markets diverged between the regular session and after-hours trading. Overnight, the Nasdaq Composite and the Philadelphia Semiconductor Index rose 1.60% and 5.66%, respectively. Strong earnings from CoreWeave and a higher revenue outlook eased concerns over a slowdown in AI investment. After the close, however, a report said Nvidia’s board was preparing to oust Huang, sending the stock down about 8% in after-hours trading. CoreWeave also fell about 6%.

South Korea’s large-cap chip stocks were mixed. SK Hynix traded lower, while Samsung Electronics hovered near flat. Major semiconductor equipment shares also came under selling pressure, limiting the positive spillover from the rebound in U.S. chip stocks during the regular session.

Individual stocks diverged on earnings. Naver fell more than 3% in early trading after third-quarter revenue rose 10.7% from a year earlier but operating profit dropped 20.9%. Meritz Financial Group slid more than 6% as weaker investment gains reduced net profit. By contrast, Celltrion rose more than 2% on expectations for biosimilar growth.

On the Kosdaq market, buying focused on companies that posted strong earnings. JYP Entertainment surged more than 18% in early trading after third-quarter operating profit increased 17.6% from a year earlier. Cybersecurity company Genians climbed more than 9% on improved earnings.

Options expiration was also in focus, with program trading flows adding another variable. Seo Sang-young, an analyst at Mirae Asset Securities, said the positive effect from CoreWeave had already been partly reflected in the domestic stock market a day earlier. He added that position unwinding and profit-taking could amplify intraday volatility.