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South Korea's KOSPI reclaims 7,000 level as Alphabet's AI spending plans lift Asian chip stocks

South Korea's KOSPI index surged more than 4 percent on July 23, reclaiming the 7,000 level for the first time in five sessions, as Alphabet's stronger-than-expected cloud revenue and raised capital expenditure guidance drove foreign investors into Samsung and SK hynix, lifting the won against the US dollar

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South Korea

The Asia Business Daily (Asiae)

“Alphabet raised its capital expenditures guidance, contributing to the upward trend in the domestic stock market.”

South Korean financial dailyاقرأ النص الأصلي ↗

South Korea

Korea JoongAng Daily

“After strong earnings by Alphabet, foreign investors piled into Korean chipmakers while the won strengthened against the dollar.”

South Korean English-language pressاقرأ النص الأصلي ↗

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Summary

South Korea's KOSPI index jumped more than 4 percent on July 23, reclaiming the 7,000 level for the first time in five trading sessions. The catalyst was Alphabet's Q2 results, published July 22, which showed 82 percent cloud revenue growth and an increased capital expenditure outlook for AI infrastructure. Foreign investors moved into Samsung Electronics and SK hynix, the dominant memory chip suppliers for AI servers, on the expectation that Alphabet's higher capital spending will translate into hardware orders. The Korean won strengthened against the US dollar as equity inflows rose.

The split

South Korean financial dailies (Asiae, Sedaily) led on the domestic market mechanics and the capex-demand inference for chipmakers. Korea JoongAng Daily noted the foreign-investor character of the buying, distinguishing it from domestic retail flows. Bloomberg noted the broader Asian chip stock rally, placing the KOSPI move in a regional context alongside other Asian tech markets.

By the numbers

  • 4.4 percent, KOSPI gain on July 23
  • 7,000, psychological level reclaimed after five sessions below it
  • 82 percent, Alphabet's cloud revenue growth in Q2 2026 that triggered the move
  • 2, principal beneficiaries named in the feed, Samsung Electronics and SK hynix

Why it matters

The KOSPI's AI-chip sensitivity has made it a proxy for global AI infrastructure spending. When a single US tech earnings report moves the Korean index by more than 4 percent, it shows how concentrated AI supply chains are in a small number of Korean firms. It also shows that AI-capex news now propagates into emerging-market equities within hours of a US earnings call.

What to watch

  • Whether Samsung and SK hynix confirm new or expanded supply agreements tied to Alphabet's capex guidance
  • KOSPI's ability to hold 7,000 if Alphabet's actual capital spending falls short of guidance
  • How other major US tech capex announcements (Meta, Microsoft, Amazon) affect Korean chip stocks in Q3

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