首尔经济日报综述：KOSPI反弹3.29%重上5700点，SMCI业绩超预期与韩半导体出口暴增提振芯片股

▲ AI PRISM* Personalized Economic Briefing
* Editor's note: AI PRISM (Personalized Report & Insight Summarizing Media) is an artificial intelligence-based personalized news recommendation and summary service developed with support from the Korea Press Foundation. It selects and provides six news items tailored to each reader type.
[Key Issue Briefing]
■ KOSPI rebounds more than 3% as AI sentiment improves: The KOSPI closed at 5,735.66, up 182.92 points, or 3.29%, after Super Micro Computer posted an earnings surprise and South Korea's semiconductor exports for the first 20 days of this month surged 222.5% to $27.52 billion. Samsung Electronics (005930.KS) rose 5.67% and SK hynix (000660.KS) gained 5.81%, while foreign investors turned net buyers and a buy-side sidecar was triggered for the first time in two months.
■ Actual demand for AI servers far exceeds forecasts: Super Micro Computer's preliminary first-quarter revenue came in at $18.5 billion to $19.5 billion, well above the market consensus of $14.95 billion and about 3.8 times the figure a year earlier. The data confirmed that real-world demand for AI servers equipped with Nvidia graphics processing units is outpacing expectations, reviving optimism about the semiconductor cycle.
■ Tesla-SpaceX merger could create a $3.5 trillion giant: Chief Executive Elon Musk called a merger of the two companies "a good idea" during SpaceX's earnings presentation, bringing the discussion into the open. Simply adding Tesla's $1.5 trillion market capitalization to SpaceX's $2 trillion would produce a company worth $3.5 trillion, or 4,636 trillion won.
[News of Interest to Stock Investors]
1. Samsung Electronics and SK hynix Jump More Than 5% as KOSPI Recovers 5,700
Key points: The KOSPI closed at 5,735.66, up 182.92 points, or 3.29%, from the previous session, reclaiming the 5,700 level. Samsung Electronics ended at 223,500 won, up 5.67%, and SK hynix at 1,294,000 won, up 5.81%, with large-cap chip stocks leading the advance. Semiconductor exports in the first 20 days of this month jumped 222.5% to $27.52 billion, supporting optimism about the industry cycle. KOSPI 200 futures rose 5.22% above the reference price during the session, triggering a buy-side sidecar for the first time in two months since Aug. 20. Foreign and institutional investors were net buyers together, drawing attention. Samsung Electronics and SK hynix at one point climbed as much as 7% and 8%, respectively, before giving back part of those gains.
2. Supermicro Says Quarterly Revenue Up 3.8-Fold on Surging AI Server Demand
Key points: Super Micro Computer's preliminary revenue for the first quarter of fiscal 2027 was $18.5 billion to $19.5 billion, up by as much as $5 billion from its earlier estimate of $14.5 billion to $15.5 billion. That is about 3.8 times the $5.02 billion reported a year earlier, with rising demand for AI platforms cited as the main driver. Gross margin also came in at 12.0% to 12.5%, above the earlier forecast of 10.4% to 10.8%. Anthropic, which is preparing an initial public offering, reported revenue of $16.3 billion in the first half of this year, up more than 1,300% from a year earlier, and said its contracts to secure AI infrastructure total as much as $750 billion.
3. Electric Vehicles, Robots, Space and AI in One: Is a $3.5 Trillion Musk Empire Coming?
Key points: At SpaceX's third-quarter earnings presentation, Chief Executive Elon Musk said a merger with Tesla "has many advantages and there is much to gain." SpaceX's third-quarter revenue rose 161% from a year earlier to $14.58 billion, far above the market consensus of $12.72 billion. Revenue from its AI business grew ninefold in a year to $7.56 billion, surpassing the Starlink communications business at $5.25 billion for the first time. Completing a merger would require approval from more than 50% of all Tesla shareholders, and agreement on the exchange ratio for a stock swap remains another variable.
[Reference News for Stock Investors]
4. SK hynix Completes 40 Trillion Won Share Buyback, Raising Questions About Chip Stock Demand
Key points: SK hynix completed a 40 trillion won buyback of 24.07 million shares, which it began on Aug. 20, about a month ahead of the originally scheduled end date of Nov. 19. The amount equals 3.3% of outstanding shares and marks the largest share cancellation ever by a listed South Korean company, with all repurchased shares set to be retired. Samsung Electronics had earlier completed a 15 trillion won buyback, meaning both large-cap chipmakers have lost that source of buying support, raising concerns about a gap in demand to absorb foreign selling. SK hynix plans to disclose additional shareholder return measures alongside its third-quarter results on the 28th.
5. LS Eco Energy Third-Quarter Operating Profit Up 51% as Power Distribution Sales Double or Triple
Key points: LS Eco Energy posted consolidated third-quarter revenue of 351.5 billion won and operating profit of 22.2 billion won, up 51% and 50%, respectively, from a year earlier. Cumulative results through the third quarter already exceeded both last year's full-year revenue of 960.1 billion won and operating profit of 66.8 billion won, raising the likelihood of a record annual performance for a third straight year. A surge in data center construction by global technology companies in Malaysia and Indonesia lifted sales of busducts, a high-capacity power distribution product, to two to three times the year-earlier level. The company plans to install busduct production facilities at its manufacturing unit in Ho Chi Minh City, Vietnam, and begin mass production in the second half of next year.
6. Funds Shift Into Bonds as Risk Appetite Weakens
Key points: State Street's Risk Appetite Index fell into negative territory in September, its lowest reading since the outbreak of the war involving Iran. Bond allocations rose by nearly 1 percentage point, the largest monthly increase in about five years, confirming that money leaving equities is moving into bonds rather than cash. Emerging-market outflows continued from South Korean equities and treasury bonds, while the Bank of Korea was expected to raise its policy rate in November after holding in October. Yields on ultra-long treasury bonds, above the mid-4% range, were seen as attractive for institutional investors.
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