The latest trending Tech & Economy issues across Korea, the US, Japan, China and Europe, updated every day.
South Korea’s KOSPI closed down 7.57% at 5,554.22 on Oct. 15 amid worries over the profitability of AI investment, as level-1 circuit breakers were triggered on both the KOSPI and KOSDAQ. On Oct. 16 the index rose 2.05% to 5,668.05, its first gain in eight sessions, though analysts remain cautious about a sustained recovery.
AI and semiconductor stocks sank as Treasury yields above 5% fueled worries about the cost of AI infrastructure spending, with the Nasdaq falling 1.88% on Oct. 14. Markets steadied on Oct. 15 as the Dow rose more than 1%, and Apple’s market value was reported to have topped $5 trillion.
The first batch of Apple’s first foldable phone, the iPhone Duo, sold out almost immediately after presales opened in China on the night of Oct. 16. On secondhand platforms, it is listed at more than 7,000 yuan above retail.
Tesla unveiled its second-generation Roadster at a SpaceX test site in Texas on Oct. 15, showing it clearing five Tesla vehicles using thrusters. Production is slated for 2028, but no price or release date has been announced.
Tim Cook told Chinese outlet The Paper that Apple Intelligence has been approved in China and a beta will be released later this month. The first features are live translation, writing tools and photo organization, and the China model was developed with Alibaba.
The Nikkei 225 fell 4.9% on Oct. 15 and then rose 1.4% to close at 65,324.29 on Oct. 16. Analysts called it a partial recovery that did not recoup losses from the plunge in AI-related stocks.
China’s integrated circuit exports hit a record of about $44.95 billion in September, up 136% from a year earlier. Volume rose only 1%, with higher memory prices driven by AI demand accounting for most of the increase.
Japanese family restaurant chain Saizeriya will raise prices on more than 80% of its menu by an average of 6% from Oct. 29. Its signature Milano-style doria is expected to go from 300 yen to 320 yen.