On the 30th, the won-dollar exchange rate opened at 1,432 won per U.S. dollar, up 5.7 won from the previous day. This is seen as the result of weakened investor sentiment toward risky assets after technology stocks fell overnight on the New York stock market. When market participants avoid investing in risky assets, demand flows to the U.S. dollar, classified as a safe asset, and the value of the won falls (the won-dollar exchange rate rises).
As doubts grew over whether massive investment in artificial intelligence (AI) can translate into actual revenue, Microsoft shares fell 9.9% on the 29th (local time) on the New York stock market. Microsoft said capital expenditures used for AI infrastructure and other areas in the second quarter of the fiscal year (October–December last year) rose 66% from a year earlier to $37.5 billion. However, revenue ($81.27 billion) in the same period rose only 17%. Because of this, the stock fell as much as 12% during the session, the biggest drop since March 2020.
Min Kyung-won of Woori Bank said, "After Microsoft's earnings release, the debate over excessive AI investment has resurfaced as a hot topic, weakening investor sentiment for growth stocks," adding, "With sentiment toward growth stocks weakening, the burden of a weaker won, a risky currency, will expand."