South Korean equities began Wednesday’s trading session on a bearish note, with the market reacting to growing concerns surrounding the artificial intelligence (AI) sector, particularly after reports emerged of OpenAI’s underperformance, alongside pressures from escalating global oil prices.
The benchmark Korea Composite Stock Price Index (KOSPI) specifically registered a decline, falling by 22.02 points, or 0.33 percent, to open at 6,619.00.
These bearish sentiments echoed from overnight trading on Wall Street, where major U.S. stock indexes also posted losses. The primary catalyst was a renewed wave of apprehension regarding the burgeoning AI industry, sparked by a report indicating that OpenAI, the creator of ChatGPT, had reportedly missed its crucial revenue and user growth targets.
