[Good Morning Market] AI Industry Momentum Reaffirmed... Semiconductor and AI Infrastructure-Led Rebound Expected

Google's artificial intelligence (AI) service Gemini 3.0 received positive reviews, fueling strong buying of technology stocks and driving all three major New York stock indexes higher at the close. The domestic stock market is also expected to open higher, led by semiconductor and AI infrastructure-related stocks, in response to these developments.

On November 24 (local time), the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) closed at 46,448.27, up 202.86 points (0.44%) from the previous session. The S&P 500 rose 102.13 points (1.55%) to 6,705.12, and the Nasdaq Composite soared 598.92 points (2.69%) to 22,872.01.

A trader is handling business on the trading floor of the New York Stock Exchange (NYSE) in the United States. Photo by Yonhap News Agency

On this day, the market was buoyed by continued positive sentiment toward Google Gemini 3.0, which spread warmth across the technology sector. Google significantly reduced external spending by building the Gemini system around its self-developed AI chip, the Tensor Processing Unit (TPU). As a result, the market grew optimistic that Google could reshape the AI industry landscape with its own chips, without having to rely heavily on Nvidia's Graphics Processing Units (GPUs).

This led to a surge in buying, particularly in AI-related stocks. Alphabet shares jumped by over 6%. Nvidia and Microsoft also rose by 2.05% and 0.40%, respectively. The Philadelphia Semiconductor Index soared by 4.63%.

Expectations for an interest rate cut also increased. This was influenced by comments from Federal Reserve Governor Christopher Waller and San Francisco Federal Reserve President Mary Daly, both of whom supported a rate cut in December.

The domestic stock market is expected to open higher on November 25, bolstered by the rally in the New York stock market.

Lee Sunghoon, a researcher at Kiwoom Securities, stated, "Strengthened expectations for a December rate cut and renewed momentum in the AI industry, led by Alphabet, are expected to drive a higher opening for the domestic market, particularly for semiconductor and AI infrastructure-related stocks."

Lee also noted the significance of the four-party consultative body, which includes foreign exchange authorities and the National Pension Service, established to stabilize the foreign exchange market.

Recently, as the won-dollar exchange rate climbed to the 1,475-won range, downward pressure on the won intensified, which in turn continued to hinder foreign capital inflows into the domestic stock market. In response, the Ministry of Economy and Finance, the Ministry of Health and Welfare, the Bank of Korea, and the National Pension Service formed a four-party consultative body to assess the impact of the National Pension Service’s overseas investment expansion on the foreign exchange market.

Lee explained, "Since November, foreign investors have recorded a net selling amount of approximately 12 trillion won in the KOSPI, indicating that foreign supply and demand has entered oversold territory. In addition to the positive developments in the U.S. stock market, if the won-dollar exchange rate stabilizes due to government intervention, it is important to note that foreign supply and demand, which will determine the direction of the domestic stock market, could once again shift toward net buying."