'AI Optimism' New York Stock Market Hits Record High…Today U.S.-South Korea Summit [Morning Briefing]

◆'AI optimism' New York stock market hits record highs

Major New York stock indexes all reached record highs amid 'artificial intelligence (AI) optimism.' Early this morning at the New York Stock Exchange, the Dow Jones Industrial Average rose 0.34%, and the Standard & Poor's (S&P) 500 index rose 0.23% from the previous day. The Nasdaq Composite also jumped 0.8%, with the three major indexes marking record closing highs following the previous day. Jensen Huang, Nvidia CEO, dismissed recent concerns about an 'AI bubble' at today's developer event, expressing confidence that the company's flagship AI chip, the Blackwell processor, and the new Rubin model will drive unprecedented sales growth through next year. Nvidia's stock surged 4.98%. At today's close, market capitalization stood at 4.885 trillion dollars, bringing it close to surpassing 5 trillion dollars.

◆Trump visits Korea today…U.S.-South Korea summit

President Lee Jae-myung and U.S. President Donald Trump will hold their second U.S.-South Korea summit this afternoon in Gyeongju, North Gyeongsang Province, the host city of the Asia-Pacific Economic Cooperation (APEC). It is about two months since their first summit at the end of August in Washington, D.C. The talks are expected to cover tariff negotiations between the two countries and the modernization of the U.S.-South Korea alliance. Attention is focused on whether the leaders can narrow their differences through discussions on the management plan for US$350 billion in U.S.-bound investments and issues related to profit distribution. After meeting President Lee today, President Trump will attend the U.S.-China summit tomorrow.

◆North Korea "test-fired ship-to-surface strategic cruise missiles in the Yellow Sea"

KCNA reported today that North Korea conducted a sea-to-ground (ship-to-surface) strategic cruise missile test yesterday in the Yellow Sea. The agency said, "The cruise missiles, modified for shipboard launch, were vertically launched and flew along a predetermined trajectory over the Yellow Sea for about 7,800 seconds and destroyed the target." Although President Trump, who is visiting Korea today, has repeatedly expressed willingness to meet with Chairman Kim Jong Un, North Korea gave no response and instead test-fired a cruise missile, drawing attention to its future stance.

◆3rd anniversary of the Itaewon tragedy

Today marks the third anniversary of the Itaewon tragedy, and memorial events will be held across the city. From 10:29 a.m. today, a memorial ceremony for the 10/29 Itaewon tragedy's 3rd anniversary will be held at Gwanghwamun North Square in Jongno-gu, Seoul. About 300 domestic and foreign bereaved family members of the Itaewon victims and 46 foreign bereaved family members from 12 countries who arrived on the 24th are expected to participate in the ceremony, which is being held at the government's official invitation. Lawmakers from both the ruling and opposition parties, including Jeong Cheong-rae, leader of the Democratic Party of Korea, and Jang Dong-hyuk, leader of the People Power Party, will also attend. At the event, the party leaders are expected to issue messages mourning the victims of the Itaewon tragedy. Jeong Cheong-rae is expected to express his intention to review the 'Itaewon Tragedy Special Act amendment.'

◆Morning low '0' degrees…Normal temperatures from daytime

Wednesday will be mostly clear nationwide, though the Seoul metropolitan area will be occasionally cloudy. Temperatures will be low and cold until the morning but will recover to normal daytime temperatures (low 2–12°C, high 16–20°C) from the daytime. This morning's low is expected to be 0–9°C, and daytime highs 15–20°C. Temperature differences between day and night will be large, especially inland, so take care of your health. Sea waves will be 0.5–1.0m in the near seas of the East Sea and the South Sea, and 0.5–1.5m in the near seas of the West Sea. In the inner offshore (offshore within about 200 km from the coastline), wave heights are expected to be 0.5–2.0m in the East and West Seas, and 0.5–1.5m in the South Sea.

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