[Good Morning Market] U.S. AI, Semiconductor Stocks Rally... Can South Korean Stocks Run Further?

CoreWeave surges 24.7%, with other AI stocks also soaring
Anthropic's IPO bookbuilding also draws strong demand
Profit-taking and options expiration weigh on the market
"Stocks may open higher, then pare gains"

U.S. stocks rose, led by AI and semiconductor shares, as CoreWeave's strong earnings eased concerns about funding for artificial intelligence (AI). South Korean stocks are expected to open higher on Nov. 12, buoyed by gains on Wall Street, but the advance may gradually narrow amid a continued winning streak and the impact of options expiration.

On Nov. 11 (local time), the Dow Jones Industrial Average rose 254.60 points, or 0.49%, to close at 52,486.49. The S&P 500 gained 98.45 points, or 1.31%, to 7,619.38, while the Nasdaq Composite rose 400.31 points, or 1.60%, to finish at 25,466.19.

Domestic stock market data is displayed on an electronic board in the dealing room at Hana Bank's headquarters in Jung-gu, Seoul, on Nov. 11, as the KOSPI opened slightly lower following losses on Wall Street after surging more than 4% the previous day. 2026.11.11. Photo by Kang Jinhyung

AI semiconductor stocks led the rally. CoreWeave shares surged 24.7% after the company reported third-quarter earnings that exceeded market expectations and placed limits on the scale of new funding. Other stocks also jumped, including Micron, up 11.9%; Sandisk, up 13.7%; and SK hynix ADR, up 9.7%. The Philadelphia Semiconductor Index rose 5.66% on the day.

Analysts also viewed strong institutional investor demand in Anthropic's IPO bookbuilding, which reached several times the number of shares on offer, as a positive signal. "This shows investors' strong willingness to supply capital to the AI industry," said Han Ji-young, an analyst at Kiwoom Securities. "AI investment profitability and credit risks have not completely disappeared, but it is encouraging that developments like this are easing market concerns on both the supply and demand sides."

South Korean stocks are also expected to extend their gains early in the session on these positive developments. However, the advance could narrow later in the day. "We should take into account that the KOSPI had already risen 2.60% on Nov. 11 and that news such as the CoreWeave developments had already been priced in," said Suh Sangduk, an analyst at Mirae Asset Securities. "As options expire today, the unwinding of options positions betting on short-term gains, profit-taking, and increased program trading could put pressure on market supply and demand, making it likely that gains will narrow after a higher open."

Controversy over Nvidia CEO Jensen Huang's alleged affair with a spy could also affect South Korean stocks today. The Wall Street Journal (WSJ) reported on Nov. 11 (local time) that Nvidia's board was expected to meet as early as that day to decide Huang's future, including whether to remove him as CEO. Han said, "Some profit-taking after the sharp gains over the past two trading sessions and the impact of options expiration are likely to continue weighing on market supply and demand today. In addition, news that Nvidia's board is preparing to remove Huang could weigh on the market, as Nvidia shares fell more than 8% in after-hours trading."

This content was produced with the assistance of AI translation services.