[Edaily Reporter Kwon Oh Seok ] As concerns over the profitability of artificial intelligence (AI) investments resurfaced, leading to mixed trading in U.S. stock markets overnight, the domestic stock market also opened lower.

According to MP Doctor on the 3rd, the KOSPI opened at 5,715.19, down 143.89 points (2.46%) from the previous trading day, and as of 9:08 a.m., it was trading at 5,668.75, down 190.33 points (3.25%).
So far today, retail investors are the only group showing net buying in the KOSPI market, with net purchases totaling 265.4 billion won, while foreign and institutional investors are net sellers by 201.4 billion won and 72.9 billion won, respectively. By trading type, combined arbitrage and non-arbitrage trades show a net selling position of 119.7 billion won.
Earlier on the 2nd (local time), the Nasdaq Composite Index closed at 25,164.32 on the New York Stock Exchange, down 1.07% from the previous trading day. The S&P 500 Index closed at 7,541.40, down 0.51%, while the Dow Jones Industrial Average closed at 51,983.98, up 0.41%. Early in the session, the Nasdaq and the S&P 500 rose by as much as 1.4% and 1.1%, respectively, but were unable to sustain their gains.
The market was dragged down by the financing burdens of technology companies. Oracle fell 8.8% after announcing plans to raise a total of $20 billion—$10 billion each through common stock and corporate bonds—to expand its AI infrastructure. The stock offering will dilute existing shareholders’ stakes, while the debt issuance will entail future interest payments. Investors are scrutinizing whether the company has sufficient cash generation capacity to cover these costs commensurate with the scale of the expansion.
Other tech companies also continued to raise capital. According to Bloomberg, Meta is gauging investor demand while considering the issuance of at least $20 billion in corporate bonds. Alphabet raised 6 billion euros through its second euro-denominated bond issuance this year. Amid credit market volatility caused by concerns over AI spending, the company offered a higher yield than during its May issuance.
Anthropic’s earnings report released today also highlighted both growth and cost pressures. Third-quarter revenue totaled approximately $17 billion, more than 12 times the figure for the same period last year. However, total committed expenditures under purchase agreements and lease contracts amounted to about $895.4 billion, with the majority related to computing and infrastructure. While these are not costs that must be paid immediately, they illustrate the scale of funding required for future business expansion.
Consequently, selling pressure on major domestic semiconductor stocks continues. As of this writing, SamsungElectronics(005930)is trading at 218,250 won, down 10,750 won (4.69%) from the previous trading day, while SK hynix(000660)is trading at 1,398,000 won, down 74,000 won (5.03%).
Han Ji-young, an analyst at KIWOOM Securities, noted, “It is true that fatigue is mounting as the AI sector has been repeatedly exposed to uncertainty since last October, and the pressure to prove profitability during every earnings season is likely to persist.”
She added, “Since credit spreads and credit default swap (CDS) premiums are factored into AI companies’ borrowing rates, we expect these stocks to remain highly volatile as the market assesses whether this actually translates into lower funding costs.”
Meanwhile, the KOSDAQ index opened at 723.92, down 10.44 points (1.42%) from the previous trading day, and is currently trading at 715.58, down 18.78 points (2.56%) at the same time.
So far today, retail investors alone have been net buyers of 87 billion won in the KOSDAQ market, while foreign and institutional investors have been net sellers of 33.5 billion won and 41.8 billion won, respectively. By trading type, combined arbitrage and non-arbitrage trades show a net selling position of 21.8 billion won.