Palantir Hits $500B While Kospi Drops 3.65% on Chip Selloff

Palantir closed at a record $209.05 and topped $500B, the Kospi fell 3.65% below 6,400, and Nvidia and Amazon chased AI deals. Big bank earnings start Tuesday.

TLDR

• Palantir (PLTR) closed at a record $209.05 on Friday, up 5.17%, and its market value crossed $500 billion. The stock is up almost 100% in three months.
• The Kospi fell 3.65% to 6,384.24 on Monday, its first close below 6,400 in about two months. Foreign investors sold a net KRW 2.02 trillion, and Samsung and SK Hynix each fell more than 4%.
• Nvidia is in early talks to buy or invest more in Reflection AI, and Amazon is in talks to buy Decart for about $7 billion.
• Wall Street ended last week higher. The S&P 500 closed at 7,811.51, the Nasdaq at 27,366.17 and the Dow at 51,655.01.
• US futures are flat ahead of a heavy week: big bank earnings on Tuesday and September CPI on Wednesday at 6:00 PM IST.

Market Regime

Two markets are moving in opposite directions. In the US, money is still flowing into AI leaders. Palantir just joined the $500 billion club, Lumentum says its AI optical parts are sold out into 2029, and the biggest tech companies are shopping for AI startups again. US indexes rose last week even with the 10-year Treasury yield near 5.24% and Brent crude above $100.

Korea is the other side of that trade. The Kospi has fallen four sessions in a row, and foreign investors have been net sellers for five straight days. Analysts in Seoul say the index leans too heavily on two memory chipmakers, and buybacks that had been supporting those stocks have ended. What could change the mood this week is the US inflation print on Wednesday. A hot number would put pressure on richly valued AI stocks in both markets.

Bullish Factors

• Palantir record. PLTR closed at $209.05, a record, and crossed $500 billion in market value. Goldman Sachs raised its target to $230 last week, and Barclays started coverage with a $265 target.
• AI hardware demand. Lumentum CEO Michael Hurlston said the company can only meet about 30% of demand for some products, with capacity sold out through early 2029.
• Big tech is buying. Nvidia is in early talks to buy or invest more in Reflection AI, per the Financial Times. Amazon is in talks to buy Decart for about $7 billion, per the Wall Street Journal.
• Robotaxi growth. Tesla said it now runs more than 300 Cybercabs in Austin, an 8x increase in the 30 days since launch.
• Memory earnings. Samsung reported third-quarter operating profit in the KRW 107 trillion range, and Korean media say it is building new high-speed NAND products for Nvidia AI servers.

Bearish Factors

• Korea selloff. The Kospi fell 3.65% to 6,384.24 and the Kosdaq fell 4.83%. Foreign investors sold KRW 2.02 trillion on the main board.
• Bond yields. The 10-year Treasury yield is near 5.24%. High yields make expensive growth stocks harder to justify.
• Oil and geopolitics. Brent is trading near $103. Oil rose Monday after Trump said the US may join Saudi Arabia in strikes on the Houthis.
• AI profit doubts. Last Thursday’s tech selloff followed a report that OpenAI’s annualized revenue was about $20 billion below earlier estimates. Questions about AI profits remain.
• Stretched gains. PLTR has almost doubled in three months. Stocks that climb this fast can also pull back quickly.

Asian Markets This Morning

• Kospi: 6,384.24, down 241.69 points (3.65%). It opened at 6,578.17 and fell through 6,400 for the first time in about two months. Individual investors bought a net KRW 1.48 trillion while foreigners sold.
• Kosdaq: 849.19, down 4.83%. EcoPro fell 8.38% and Alteogen fell 4.77%.
• Chip stocks: Samsung Electronics fell 4.39% to KRW 250,500 a day after its earnings. SK Hynix fell 4.52% to KRW 1,605,000, its fourth straight drop.
• Policy: Korea’s Finance Minister said the government will step in with stabilization measures when necessary. Turnover is down about 70% from the late-May peak.
• Japan: Japanese markets were closed for a public holiday.

What Moved Wall Street Today

Friday’s session closed the week higher as oil and Treasury yields steadied. Tech bounced back after Thursday’s drop.

• Index closes: S&P 500 7,811.51 (+0.59%), Nasdaq 27,366.17 (+0.64%), Dow 51,655.01 (+0.83%), Russell 2000 2,808.57 (+0.52%). All three major indexes posted weekly gains.
• Palantir: PLTR +5.17% to a record $209.05.
• SpaceX and telecoms: SPCX rose in premarket trade Friday after SpaceX agreed to buy a nationwide block of low-band wireless spectrum. T-Mobile fell more than 12% on the news, and Verizon and AT&T also dropped.
• Optical stocks: Applied Optoelectronics rose about 7% after Lumentum’s sold-out comments.
• Hardware: Skyworks fell 6.41% on reports Apple cut iPhone 18 Pro component orders. HP fell 6.04% on a weak 2027 PC outlook.
• Monday so far: US futures are flat. S&P 500 futures are near 7,861 and Nasdaq-100 futures are little changed. The VIX is around 15.5.

Assets in Focus

PLTR (Palantir)

• Closed at a record $209.05 on Friday, up 5.17%, with market value above $500 billion.
• Up almost 100% in the last three months.
• Goldman Sachs target $230, Barclays target $265.
• Third-quarter results are expected around November 2, not yet confirmed by the company.
• Available on CoinDCX Global Futures.

NVDA (Nvidia)

• In early talks to buy Reflection AI, invest more in it, or hire its team and license its technology, per the FT. Talks could still fall apart.
• Reflection was last valued at $25 billion. Nvidia has invested about $800 million in the company so far.
• Reflection’s first open-weight model, Beam, was trained on Nvidia GB300 systems rented from SpaceX.
• Samsung is reportedly developing high-speed NAND chips aimed at Nvidia AI servers.
• Available on CoinDCX Global Futures.

AMZN (Amazon)

• In talks to buy AI startup Decart for about $7 billion, per the WSJ. A deal could come soon if talks hold.
• Decart makes Lucy, a model that edits live video in real time, and Oasis, which builds simulated worlds for training robots and self-driving systems.
• Anthropic looked at a $6 billion deal for Decart in August before walking away.
• Available on CoinDCX Global Futures.

SPCX (SpaceX, Pre-IPO Perp)

• Trading near $162.57 on Monday, up 1.25%, after Friday’s spectrum deal news.
• Tech writer Tim Culpan says Terafab, the chip plant backed by SpaceX and Tesla, will get its first ASML EUV machine by mid-2027. ASML reports results on Wednesday.
• SpaceX also rents Nvidia GB300 systems to Reflection AI, which links it to the Nvidia story.
• Available on CoinDCX Global Futures as a Pre-IPO Perp.

TSLA (Tesla)

• Tesla said it has scaled to more than 300 Cybercabs in Austin one month after launch, an 8x increase in 30 days.
• Terafab, which Tesla backs with SpaceX, is lined up for its first ASML EUV tool by mid-2027.
• Available on CoinDCX Global Futures.

Index Levels to Watch

• S&P 500: 7,811.51 Friday close. 7,750 is the level below, and 7,900 is the level above.
• Nasdaq: 27,366.17 Friday close. 27,000 is the level below, and the recent record near 27,477 is the level above.
• Dow Jones: 51,655.01 Friday close. 51,250 is the level below, and 52,000 is the level above.
• Kospi: 6,384.24 Monday close. 6,000 is the next round number below, and 6,578, Monday’s open, is the level above.

Disclaimer

Cryptocurrencies and futures are unregulated virtual assets, not legal tender, and subject to market risk. The information above is for education and general awareness only. It is not investment advice or a recommendation to buy, sell, or hold any asset. Levels and estimates are reference points for context, not entry or exit signals. Please do your own research and consult a registered advisor before making investment decisions.

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