Huan Qiu Shi Bao·2026-02-03 22:57Core Insights - The South Korean stock market experienced significant volatility, with a sharp decline followed by a strong rebound, highlighting the precarious nature of AI-related investments in a high-valuation environment [1][2] Market Performance - On February 2, the KOSPI index fell by 5.3%, marking the largest drop since April of the previous year, with major chip stocks like Samsung Electronics and SK Hynix dropping over 6% [2] - The KOSPI index rebounded over 3% the following day, returning to above 5000 points, driven by a swift return of bargain hunters after the previous day's sell-off [2] - The volatility was influenced by external factors, including a downturn in the U.S. market and concerns over the Federal Reserve's interest rate policies [2] AI Investment Sentiment - The sustainability of AI investments has been identified as a key factor affecting the South Korean market, which has seen a surge in total market capitalization to over $3.3 trillion, partly due to strong demand for storage chips [4] - Recent discussions around AI spending plans have raised concerns about potential bubbles, particularly following disappointing earnings from Microsoft, which reignited debates about the viability of AI investments [4][5] Corporate Dynamics - OpenAI's dissatisfaction with NVIDIA's latest AI chips has complicated the relationship between the two companies, posing a significant challenge to NVIDIA's dominance in the AI sector [5] - Microsoft reported a robust earnings report but faced a 10% drop in stock price due to stagnation in its Azure cloud business and projected capital expenditures exceeding $100 billion [5] - Major tech companies, including Microsoft, Meta, Alphabet, and Amazon, are expected to collectively spend over $500 billion this year, primarily on AI infrastructure, necessitating precise execution to meet market expectations [6]