South Korea’s Kospi stock market has hit record highs thanks to AI, but experts urge caution over boom-bust cycles and a heavy reliance on two chipmakers

South Korea has leapfrogged India to become the world’s sixth largest share market, leaving equity markets in the UK, Germany and France trailing in its dust. But despite the runaway success, some are raising concerns that the Kospi index is too dependent on two freshly minted trillion-dollar chipmaking companies.

Chip company SK Hynix last week claimed a seat in Asia’s trillion-dollar company club, alongside South Korean compatriot Samsung Electronics and Taiwan’s TSMC. Explosive demand for chips used in AI has propelled the trio past the valuation threshold.

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© Photograph: YONHAP/EPA

© Photograph: YONHAP/EPA

© Photograph: YONHAP/EPA

Ukraine has friends around the world. All kinds of aid reached Ukraine from such far countries as Australia

Severe, hard-to-control blazes in densely populated areas like Los Angeles drove the year’s record losses.

Severe, hard-to-control blazes in densely populated areas like Los Angeles drove the year’s record losses.

© Loren Elliott for The New York Times

Agreement averts strike and shows latest impact of AI boom as two more chipmakers join $1tn club

Employees at Samsung Electronics’ memory chip division are to receive bonuses averaging about £310,000 each through a landmark profit-sharing agreement, as the AI boom drives up chipmakers’ profits.

Fears of a strike at Samsung were averted on Wednesday after two unions for the world’s largest memory chipmaker said 74% of the 62,616 workers who cast their votes had backed the deal.

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© Photograph: Jeon Heon-Kyun/EPA

© Photograph: Jeon Heon-Kyun/EPA

© Photograph: Jeon Heon-Kyun/EPA