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South Korean stocks tumble nearly 6 percent on profit-taking after AI rallies
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The KOSPI fell 5.81 percent on June 26 as investors took profits following recent AI-driven gains, closing at 8,411.21.
The KOSPI fell 1.31 percent at the open on Friday, June 26, following tech losses on Wall Street and profit-taking after the previous session's sharp rise.
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Kioxia, a NAND storage supplier, announced plans for a new listing in the United States next spring along with a stock split in Japan.
The combined market value of 19 listed firms in SK Group surpassed 2,000 trillion won for the first time on June 16, driven mainly by gains at SK hynix.
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Start-up Tensordyne has secured letters of intent worth more than 200 million dollars for its semiconductors. Fifteen data center operators are interested in the chips, which are said to consume far less energy than Nvidia products.
Nvidia and SK Hynix announced on June 8 that they have entered a multi-year technology partnership to develop next-generation memory technologies for AI factories.
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The Bank of Korea reported that the current account surplus reached $28.29 billion in April, the second-largest on record, driven by semiconductor exports.
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