KOSPI hits all-time high 7,981 nearing 8,000; Samsung and SK Hynix surge on Nvidia H200 news

All-Time High at 7,981; 8,000 Within Reach

South Korea's KOSPI index closed at a record 7,981.41 on May 14, gaining 137.40 points (+1.75%) from the May 13 session to mark two consecutive all-time highs. The prior record of 7,844.01 was itself set the previous day. The index now stands within 0.24% of the psychologically significant 8,000-point level — dubbed "팔천피" (8,000-pi) in Korean market parlance — with momentum firmly intact.

Catalyst: Nvidia H200 and AI Sector Tailwind

The primary driver was a dual AI-chip tailwind. First, the U.S. government cleared roughly 10 Chinese firms to purchase Nvidia's H200 AI accelerator, positioning Samsung Electronics (005930.KS) and SK Hynix (000660.KS) as direct beneficiaries: both companies are the principal suppliers of HBM (High Bandwidth Memory) stacks embedded in H200 and Blackwell-generation systems. Any expansion of Chinese AI chip procurement flows through their order books. Second, Cisco's 15%+ earnings surge reinforced that global enterprise AI infrastructure spending remains strong, amplifying AI-sector sentiment across Asian markets.

National Pension Service: +₩50 Trillion in Two Weeks

Korea's National Pension Service (NPS) added approximately ₩50 trillion (~$36 billion) in paper gains over the past two weeks as KOSPI's rally accelerated. Total accumulated reserves stood at nearly ₩1,800 trillion as of May 14. The fund's domestic equity portfolio has returned more than 90% year-to-date — already surpassing the 18.82% annual return posted in 2025 — driven primarily by gains in Samsung Electronics and SK Hynix.

Broader Market Context

The rally reflects a confluence of catalysts: the Nvidia export development, sustained global AI infrastructure spending (evidenced by Cisco's results), and a constructive backdrop from the ongoing Trump-Xi summit. LG Electronics also contributed to gains on expectations around AI-driven home appliance and robotics businesses.

What to Watch

The 8,000 threshold is within striking distance. Key variables: whether the U.S. expands H200 — and eventually Blackwell — export approvals; Q2 earnings guidance from Samsung Electronics and SK Hynix; the direction of the KRW/USD exchange rate; and whether foreign investor net buying — which has been a consistent driver of recent record sessions — is sustained. The NPS portfolio performance will be updated in the next monthly disclosure.

Not investment advice. Verify all figures with primary sources before acting.