The South Korean won appreciated by more than 1% against the US dollar.
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South Korean beauty and retail stocks led the market gains, and Gate.com continues to expand its investment portfolio in South Korean stocks.
According to ChainCatcher, Gate's market data shows that the South Korean stock market was active today. Manyo Factory, a cosmetics stock, reached $11.60, up 18.43%; Heung Koo Petroleum reached $6.88, up 14.72%; and IT'S HANBUL reached $7.25, up 13.51%, with several popular South Korean stocks leading the market gains. Gate has established a 24/7 trading service system covering the three core markets of US, Hong Kong, and South Korea, supporting over 10,000 US stocks and ETFs, over 1,500 Hong Kong stocks, and over 1,000 South Korean stocks, totaling over 12,500 stocks and ETFs globally. Users can participate in global stock investment through their Gate unified account using USDT, supporting fractional share transactions starting from as low as 0.01 shares, and enjoying stock dividend rights. The platform also supports cross-brokerage transfers for US and Hong Kong stocks, as well as corporate actions such as stock splits and consolidations, further optimizing the stock investment service experience.
South Korean fintech company Toss is partnering with Optimism and Sunnyside Labs to explore stablecoins in the Korean won.
PANews reported on July 8th that, according to The Block, South Korean fintech company Toss is collaborating with Optimism and Sunnyside Labs to explore a won-denominated stablecoin. The three parties will conduct proof-of-concept trials in the coming months to test the application of OP Stack in compliant blockchain digital financial infrastructure.
The South Korean government is considering extending the sovereign AI core GPU guarantee project, with a budget of up to 4 trillion won next year.
According to Odaily Odaily, the South Korean government is considering extending its support project for GPUs, a core resource for AI. On July 7th, industry sources indicated that the Ministry of Science and ICT is investigating the capacity of major South Korean cloud service providers to build additional GPUs, aiming to extend the "AI Computing Resource Utilization Infrastructure Enhancement Project." The core of this project involves government-funded purchases of GPUs, deployment in cloud service provider data centers, and support for industry-academia-research collaboration. Last year, the South Korean government allocated a budget of 1 trillion won, and this year it allocated 2 trillion won, securing over 20,000 GPUs. The project was originally scheduled to end this year, but with the surge in demand for advanced resources such as NVIDIA's next-generation GPU Vera Rubin, the South Korean government is developing comprehensive countermeasures, including data center efficiency optimization and new space security plans. It is reportedly already applying to the Planning and Budget Office for a "limited additional budget" for GPU security. Industry estimates suggest that, considering this year's GPU security budget and the government's intentions, next year's budget could reach a maximum of approximately 4 trillion won. Industry experts say that compared to the GPU supply itself, "equipment installation space" will be the key to the success or failure of the project, because running thousands of high-performance GPUs simultaneously requires a large power supply and advanced cooling systems, and the equipment installation space held by South Korean companies is nearing saturation. (ETNews Electronics)
South Korean semiconductor stocks saw a pullback, but Gate SKHYNIX futures contracts remained among the top open interest in the sector.
According to ChainCatcher, Gate, the only platform exclusively supporting Korean stock trading, continues to enrich its global equity asset portfolio. Recently, the Korean semiconductor sector has experienced increased volatility, but market trading activity remains high. According to the latest data from the Gate platform, semiconductor leader SK Hynix reached a high of $1654.1 and a low of $1509.9 during today's trading session, currently trading at $1543.1, a daily decrease of 5.03%. According to CoinGlass data, Gate's SK Hynix (SKHYNIX) contract open interest exceeds $24.5448 million, ranking among the top in the industry.
KT, a South Korean telecommunications company, plans to invest 18 trillion won to advance its Token Factory and stablecoin businesses.
According to a report by Digital Daily, South Korean telecom operator KT announced that it will invest approximately 18 trillion won over the next three years, with 12 trillion won allocated to information security, IT, and networks, and 6 trillion won to AI infrastructure, while also advancing its Token Factory and stablecoin businesses. KT plans to combine its 1GW-scale AI data center, token optimization engine, and billing and settlement capabilities to create a Token Factory that supports token generation, intermediation, and billing. Simultaneously, it intends to enter the stablecoin digital financial platform market, leveraging K Bank's 16 million customers, BC Card's 3.5 million merchants, and KT's network and security infrastructure to cover the entire ecosystem from issuance and custody to settlement and actual use.
South Korean stocks lost approximately 579 trillion won today, with the KOSPI index plunging nearly 8%.
According to BlockBeats, the South Korean stock market experienced a significant correction on July 2nd. The KOSPI index closed at 7,648.09 points, down 655.32 points, or 7.89%, for the day. Based on Naver Finance's estimate of the KOSPI's total market capitalization at approximately 6,758.9 trillion won that day, and considering the index's decline, the KOSPI market capitalization evaporated by approximately 578.96 trillion won, equivalent to about US$371.6 billion. In terms of individual stocks, semiconductor heavyweights led the decline, with Samsung Electronics and SK Hynix among those experiencing sharp drops, dragging down the overall South Korean stock market.