Nvidia's Morning Glow Is Already Fading

Right now the KOSPI sits at 6,808.21, up 0.97%, while the KOSDAQ is basically flat at 826.87, down 0.03%. At the open, Nvidia's earnings buzz apparently lit up the big chip names enough to push the index near 2.8%, but the gain has shrunk by 0.50 points versus the last brief, so that early excitement already looks like it's fading. Wall Street closed roughly flat overnight — S&P 500 and Nasdaq both slightly down on inflation worries — yet Korean stocks are shrugging that off and riding purely on chip-sector optimism, and the one actually holding the index up is institutions buying in (₩761.5bn net), not foreigners, who are selling on both boards (₩114.8bn out of KOSPI, ₩91.8bn out of KOSDAQ). I'm watching this Nvidia rally from the sidelines with my own paper position down 1.3%, which feels a bit ironic, and with the won creeping past 1,381 per dollar, what I'm watching until the close is how long institutional buying can keep this excitement going.