The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Jan. 31.
Samsung wins Nvidia approval to supply HBM chips
Samsung Electronics has received approval from Nvidia to supply its 8-layer HBM3E high-bandwidth memory chips, according to Bloomberg. The chips, which passed Nvidia’s qualification test in December, will be used in lower-end AI processors for the Chinese market. While the deal is relatively small, it marks progress for Samsung after a year-long effort to secure Nvidia’s approval. Meanwhile, SK Hynix began mass-producing 8-layer HBM3E early last year and started supplying the more advanced 12-layer product to Nvidia by the end of the year.
South Korea now has more Starbucks stores than Japan
South Korea has overtaken Japan in the number of Starbucks stores, becoming the coffee chain’s third-largest market after the U.S. and China. As of the end of last year, South Korea had 2,009 stores, 18 more than Japan’s 1,991. The rapid growth reflects South Korea’s strong coffee culture, with over 100,000 cafes nationwide—double the number of convenience stores. Despite rising global coffee bean prices due to climate-related issues, the country’s bean imports increased 4.8% last year, signaling continued market growth.
KOSPI sinks as DeepSeek shock rattles semiconductor sector
South Korea’s benchmark KOSPI index slid below the 2,500 mark on Jan. 31 as concerns mounted over the rise of Chinese AI startup DeepSeek and the U.S. Federal Reserve’s decision to keep interest rates unchanged. The KOSPI hit an intraday low of 2,496.95 before recovering some of its losses and closing at 2,517.37, down 19.43 points (0.77%) from the previous day. Markets panicked after DeepSeek said its new model could deliver ChatGPT-like performance using fewer chips at a lower cost. Foreign investors sold over 1 trillion won worth of KOSPI shares as Korean semiconductor stocks lost ground. SK Hynix dropped 9.86% to 199,200 won, slipping below the 200,000 won mark. AI chip-related losses were seen globally, with Nvidia falling 17% on Wall Street.
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