South Korea stocks lower, chip stocks fall ahead of earnings release
South Korean stocks were lower on Monday, with chip stocks falling ahead of the release of second-quarter earnings as concerns about artificial intelligence intensified. The South Korea Composite Stock Price Index once rose 1.7% after the opening, but is currently down 50.65 points, or 0.76%, to 6639.97 points. Chipmaker Samsung Electronics fell 0.20% and peer SK Hynix fell 0.97%, giving up early gains. Both companies are scheduled to release second-quarter results later this week. South Korea on Saturday announced a new $950 billion artificial intelligence plan involving Samsung Electronics, SK Group and U.S. technology companies. Global AI leaders are racing to fill the shortage of faster chips to power and develop more advanced systems. Shares of e-commerce giant Naver soared 8.67% as U.S. chipmaker Nvidia acquired a $1 billion stake in the company as part of an investment partnership to build a new data center. Battery maker LG New Energy gained 0.30%, while and sister company Kia Motors fell 0.37% and 1.15% respectively. Steel company Posco Holdings rose 1.60%, and pharmaceutical company Samsung Biologics rose 1.78%. Of the total 915 stocks traded, 504 rose and 368 fell. Foreign investors net sold stocks worth 1.5 trillion won (approximately $1.02 billion).