[Edaily Reporter Ahn Yu-ri] While domestic gaming stocks have struggled to gain momentum despite the KOSPI’s strong performance, it appears that NC (#NC) is virtually the only company to have recorded a rising stock price over the past six months. Analysts suggest that beyond stable IP revenue, the potential for expansion into new AI businesses—the so-called “AI narrative”—is acting as a key differentiator for the stock.

Stock price trends in the gaming industry have diverged sharply over the past six months. As of the closing price on the 9th, NC’s stock price stood at 264,500 won, a 30.30% increase compared to six months ago. Notably, following news that NC CEO Kim Tae-jin was set to meet with NVIDIA CEO Jensen Huang, the stock price surged 14.4% from the previous day to reach 338,000 won.

Krafton’s stock price stood at 244,500 won, down 0.41% over the same period. While Krafton’s stock surged on the 4th following news of the meeting with CEO Huang, it has recently been trading sideways as profit-taking selling pressure flooded the market during the session.

In contrast, domestic game stocks as a whole could not avoid a sharp decline. With the exception of #PearlAbyss, which scored a major hit this year with "Red Desert," and #NHN, whose cloud and payment businesses are performing well, the stock prices of major game companies comprising the KRX TOP 10 Game Index fell.

Based on the closing price that day, #Netmarble’s stock price stood at 40,600 won, marking a 42.43% decline over the past six months. Although Netmarble achieved record-high revenue last year and maintained stable revenue growth in the first quarter, it could not avoid a decline in its stock price.

#ShiftUp’s stock price stood at 33,300 won, down 15.27% over the past six months. #Wemade’s stock price was 17,020 won, down 39.54% over the same period. #Kakao Games’ stock price fell 46.36% over the past six months to 8,620 won, effectively halving in value. #Nexon Games’ stock price fell 24.59% over the past six months to 9,690 won.

The trend suggests that expectations for AI commercialization are driving stock price increases more than anticipation for new releases or IP (intellectual property) diversification strategies. On the KOSPI, semiconductor and AI-related stocks are continuing their rally, and on the KOSDAQ, buying interest is flowing in, particularly for robotics stocks.

The situation is similar for Nexon shares listed on the Tokyo Stock Exchange in Japan. Nexon’s closing price as of today was 2,194 yen, down 42.43% from six months ago. Despite posting record-breaking earnings in 2025 and the first quarter of 2026, driven by growth in the North American and European markets and the success of major games, Nexon’s stock price has been on a steady downward trend. On May 18, the stock fell to 2,190 yen, hitting a 52-week low.

Market analysts attribute the decline in Nexon’s stock price to a combination of factors. Key factors cited include the slowing effect of foreign exchange gains due to the weak yen, sluggish sales of “Dungeon & Fighter” in China, and the lack of new releases in 2026, alongside the AI and semiconductor rally.

On the Japanese stock market, where Nexon is listed, AI and semiconductor-related stocks are also driving the index. Although the market has recently seen a correction due to the Broadcom shock, amid the AI semiconductor rally, SoftBank Group (SBG)’s market capitalization briefly surpassed 46 trillion yen during intraday trading on the Tokyo Stock Exchange on the 1st, overtaking Toyota.

Even within the gaming industry, investor sentiment is shifting toward AI rather than games. A gaming industry insider explained, “I recently sold all the shares I received as stock options and invested in Samsung Electronics,” adding, “I made this decision because I felt that even if I incurred a loss, I would be missing out on the opportunity cost of investing in Samsung Electronics.”

Another industry insider noted, “During the COVID-19 pandemic, game company stocks were once highlighted as growth stocks in the contactless sector. However, after the pandemic ended, the game market slowed down. Given the nature of the game industry, where revenue is highly volatile depending on the pipeline of new titles and the success of IPs, short sellers easily target these stocks, making it difficult to prop up share prices.”