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Glonghui, May 13th｜On Wednesday, the South Korean stock market quickly recovered lost ground as local retail investors bought stocks amid a wave of foreign fund sell-offs. The KOSPI index rose by more than 1%, reversing a loss that had reached as much as 3.2% earlier in the session. Samsung Electronics saw its share price plunge by as much as 6.1% after failing to reach a wage agreement with its largest labor union, but the decline later narrowed. Samsung’s rival, SK Hynix, reversed its early losses, as investor concerns about overheating in artificial intelligence-related stocks eased. So far in 2024, shares of this South Korean memory chip manufacturer have surged by more than 100%. “For the Korean stock market, the issue is concentration—the market is essentially dominated by two stocks,” said Dilin Wu, a cross-asset research strategist at Pepperstone Group. “The narrative of AI hardware driving the KOSPI to record highs still holds, but now there are also execution risks on the supply side, making it more difficult for investors to maintain their conviction in this view.”

Golden Finance May 13｜Nikkei 225 index climbed to 63,000 points, latest at 63,041.73 points, up 0.48% on the day

Glonghui, May 13｜Oklo, a nuclear energy startup, announced its first-quarter results: the company has not yet recorded any revenue, with net losses widening to $33.1 million and operating losses reaching $51.2 million; loss per share was $0.19, in line with market expectations. Oklo has benefited in recent years from the surging electricity demand of artificial intelligence (AI) data centers. During the earnings call, Oklo CEO Jacob DeWitte stated that the company has shifted from strategic planning to the execution phase and is advancing its three major businesses: electricity, nuclear fuel, and isotopes. The company is moving forward with the Aurora Clean Energy Park in Ohio and previously announced a partnership with Meta to develop a 1.2-gigawatt advanced nuclear power park. This quarter, the company has submitted a grid connection application for the project as part of the site development and deployment schedule.