OpenAI heating up the stock market… even a brush sparks a 'pillar of fire'

'Collaboration' AMD jumps 28% in two days

"Volatility likely to increase due to short-term issues"

While the domestic market was closed for the Chuseok holiday, the U.S. stock market staged a tech rally centered on artificial intelligence (AI) stocks. At the center of this was OpenAI, which has risen to become the world's largest startup. Global companies that have partnered or collaborated with this firm surged together, forming a theme.

According to the New York Stock Exchange on the 7th (local time), the three major U.S. stock indices all fell that day. The Dow Jones Industrial Average closed at 46,602.98, down 91.99 points (0.20%), the S&P 500 fell 0.38%, and the Nasdaq Composite dropped 0.67%. Despite the slight pullback, enthusiasm for tech stocks remained hot.

U.S. semiconductor design firm AMD closed at $211.51, up 3.83%. It surged nearly 28% over two days, including a 23.71% rise in a single day on the 6th. The trigger was the announcement that it had signed a 'multi-year contract' to supply AI chips to OpenAI worth hundreds of millions of dollars annually. During the same period, graphics design tool developer Figma's stock jumped more than 14% on news of collaboration with OpenAI.

Last week, the domestic market was also led by the OpenAI theme. On the 2nd, news that OpenAI CEO Sam Altman met with Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won and signed a letter of intent (LOI) to supply AI memory semiconductors such as high-bandwidth memory (HBM) drove Samsung Electronics and SK Hynix shares up 3.49% and 9.86%, respectively. That day, the KOSPI index reached the 3,500 mark for the first time in history, making a new record. A financial investment industry insider said, "If a company is labeled as 'collaborating with OpenAI,' its stock soars," and predicted, "The OpenAI-centered theme will lead the stock market for the time being."

There is also a view that a volatile market will emerge in the short term. Kim Seok-hwan, a researcher at Mirae Asset Securities, said, "Since there has been a short-term surge centered on AI, index volatility will increase for a while depending on the earnings of related companies and whether the U.S. central bank (Fed) cuts its benchmark interest rate." He explained that because some companies' stock prices have surged solely on collaboration with OpenAI, there may be increased short-term pressure to realize gains.

Reporter Eunhyuk Ryu ehryu@hankyung.com