All Eyes on NVIDIA Earnings ... and Anthropic’s Listing [Weekly Stock Market Outlook]

[Financial News] The KOSPI, which rebounded more than 4% after a sharp decline, is expected to digest NVIDIA’s earnings, U.S. Federal Reserve (Fed) policy signals and Anthropic’s listing this week as it tries to extend its gains. Securities firms forecast a KOSPI range of 5,200 to 6,000.
According to the Korea Exchange (KRX) on the 15th, the KOSPI rose 4.56% last week (November 9–13), from the previous week’s close of 5,059.69 to 5,290.53. After falling as low as 5,018.85 on the 9th, the index rose 4.39% and 2.60% on the 10th and 11th, respectively, reaching 5,375.36. It then retreated for two days, ending the week around the 5,290 level. CoreWeave’s strong results and lower oil prices amid hopes for Middle East negotiations helped restore investor sentiment.
NVIDIA’s earnings report, scheduled for the 17th (local time), is seen as a key event that could determine the direction of the stock market. Results are expected to be solid, but the future of Jensen Huang, NVIDIA’s former CEO, and the company’s response to export restrictions on China are key points to watch. With a U.S.-China summit coming into focus alongside the ASEAN and Asia-Pacific Economic Cooperation (APEC) summits, the possibility that AI supply chains and semiconductor exports will be discussed is another variable.
At a productivity and employment task force (TF) conference attended by Fed Chair Kevin Warsh, assessments of AI’s productivity-enhancing effects will be in focus. If the message emerges that productivity gains could ease inflationary pressures, that could help allay concerns about another rate hike. The October Federal Open Market Committee (FOMC) minutes, due to be released on the 19th Korea time, and remarks by Fed officials will also warrant attention. With the U.S. 10-year Treasury yield again above 5% amid concerns about further Fed rate hikes, interest-rate trends are a key variable.
Anthropic’s listing, also scheduled for the 19th, will test both AI investment sentiment and market flows. At the top of the indicative price range, the base offering size is $64.35 billion. However, global capital reallocation is likely to put pressure on flows in the domestic stock market. Securities analysts say it will also be important to watch whether the listing leads AI investment interest to expand from semiconductor infrastructure to application software. Major economic indicators are also due, including China’s October retail sales and industrial production on the 16th, U.S. October retail sales and industrial production on the 17th, and South Korea’s October producer price index on the 20th.
Na Jeong-hwan, an analyst at NH Investment & Securities, said, “Concerns about regulation of AI data centers that emerged after the midterm elections have been largely reflected in the recent sharp decline, and strong results from CoreWeave have also eased some concerns about AI profitability,” adding, “After the key events are assessed, I believe the market will rebound, led by sectors that have fallen excessively, such as semiconductors.”
[email protected] Joo Won-gyu Reporter