Nvidia CEO Reaffirms SK Hynix Deal as Tech Stocks Plunge 8.3%
NVDA•South Korea's KOSPI plunged 8.3%, triggering circuit breakers after US jobs data fueled a global tech rout that saw SK Hynix drop 7.7% and Samsung Electronics slide 10.2%. Nvidia’s CEO Jensen Huang reaffirmed SK Hynix as its biggest partner and struck new collaboration deals during his Seoul visit.
1. Korean Market Plunge and Circuit Breakers
KOSPI dropped 8.3% to close at 7,484.41, marking its largest daily decline since March and triggering two trading halts under circuit breaker and sidecar measures.
2. Heavy Losses for SK Hynix and Samsung Electronics
SK Hynix shares fell 7.7% and Samsung Electronics slid 10.2% as global rate hike fears rattled tech stocks following stronger-than-expected US payroll data.
3. Nvidia Partnership Confirmation in Seoul
During a visit to Seoul, Nvidia CEO Jensen Huang reaffirmed SK Hynix as the company's largest partner and announced new collaboration agreements focused on advanced AI chip production.
4. Strategic Implications for Nvidia
The selloff underscores macroeconomic risks facing the semiconductor sector, while strengthened ties with SK Hynix may help Nvidia secure supply amid volatile market conditions and sustained AI demand.
