$950 billion Mega Deal Fails to Halt South Korean Stock Market Bearish Trend, SK Hynix Opens High but Declines by 0.8%

July 27th. The Blue House, the South Korean presidential residence, announced on the 25th that South Korean companies have reached a $950 billion semiconductor cooperation agreement with global tech giants following the San Francisco AI Summit.

Specifically, Samsung Electronics and Broadcom signed a memorandum of understanding to collaborate over the next five years on a $200 billion high-end storage chip supply and AI chip wafer foundry production; SK Group will engage in a $750 billion, five-year-long high-end storage chip long-term supply cooperation with global tech giants such as Nvidia.

However, the large orders do not seem to be able to boost the South Korean stock market at the moment. According to Bitget, SK Hynix opened higher this morning but continued to fall, with a current decrease of over 0.8%. As a result, the South Korean KOSPI index fell by 0.93%.