Nvidia Replaces Tesla as South Korea’s Top Foreign Stock
Nvidia has taken the crown as South Korea’s top foreign stock, replacing Tesla after four years of dominance. South Korean investors now hold $11.07 billion worth of Nvidia stocks, slightly surpassing their investments in Tesla shares, which total $10.67 billion.
Despite this shift, Tesla still holds the top spot for net purchases, with South Korean investors placing buy orders worth $1.18 billion in Tesla compared to $516 million in Nvidia over the last five months. The slowdown in electric vehicle demand has impacted Tesla’s stock price, while Nvidia, a chip company, is seeing growth opportunities in AI development.
Nvidia Corp’s stock price is currently at $1,148.25, showing a 20.28% increase in the past five days. The company’s market cap is valued at $2.82 trillion. The recent surge in Nvidia’s shares came after Elon Musk announced the launch of xAI, which raised $6 billion in a series B funding round for product launches, infrastructure development, and future technologies research.
Elon Musk has revealed that xAI will require 100,000 specialized semiconductors for AI Grok, along with a “gigafactory of compute” utilizing Nvidia’s H100 graphics processing units. As xAI expands and introduces new products, Nvidia is expected to experience further growth in the tech industry.
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