South Korean President Lee met with executives from Anthropic, OpenAI, NVIDIA, and Broadcom on May 24 (local time) in San Francisco to discuss potential semiconductor and AI data center contracts, according to Policy Chief Kim Yong-beom's briefing on May 22. Kim stated that announcements could include gigawatt-scale agreements beyond standard memorandums of understanding, signaling possible long-term supply deals between South Korean chipmakers Samsung Electronics and SK Hynix and major tech firms. Separately, Hana Financial Group raised its return on equity target to 12% and announced a shareholder return ratio exceeding 50%, while Woori Financial reported second-quarter net profit surpassing 1 trillion won and planned a 150 billion won share buyback. Renewable energy and crude oil exchange-traded funds (ETFs) posted double-digit gains as Middle East tensions drove international oil prices higher, with Goldman Sachs forecasting Brent crude could exceed $120 per barrel in the fourth quarter.
President Lee Schedules Meetings with Tech CEOs for Semiconductor Contract Discussions
President Lee's San Francisco visit on May 24 (local time) included scheduled meetings with CEOs from Anthropic, OpenAI, NVIDIA, and Broadcom. Policy Chief Kim Yong-beom stated during a May 22 briefing that the meetings could produce concrete outcomes beyond memorandums of understanding, including gigawatt-scale contracts related to semiconductors, AI data centers, and physical AI projects. Kim indicated that specific numerical commitments in these areas could be announced. Market observers noted that Samsung Electronics (ticker: 005930) and SK Hynix (ticker: 000660) could secure long-term memory chip supply agreements with the tech companies.
Hana Financial Raises ROE Target to 12% and Woori Financial Reports Trillion-Won Quarterly Profit
Hana Financial Group announced on May 24 a revised corporate value enhancement plan raising its return on equity (ROE) target from over 10% to 12% and committing to a total shareholder return ratio exceeding 50%. The group reported second-quarter net profit of 1.1928 trillion won, up 1.7% year-over-year, and first-half net profit of 2.4029 trillion won, up 4.4%, both record highs for the respective periods. Hana Financial plans to purchase and cancel an additional 250 billion won in treasury shares during the third quarter, bringing cumulative buybacks to 700 billion won.
Woori Financial reported second-quarter net profit of 1.0046 trillion won, returning to the trillion-won level on a quarterly basis. The group announced a 150 billion won share buyback and cancellation plan for the second half.
Renewable Energy and Crude Oil ETFs Surge Amid Middle East Tensions
Renewable energy and crude oil ETFs recorded sharp gains over the past week as military tensions escalated in the Middle East following U.S. announcements of large-scale strikes against Iran and Yemen's Houthi forces. According to Korea Exchange data as of May 24, the PLUS Solar & ESS ETF rose 20.65% over the preceding seven days, leading the domestic ETF market. Crude oil ETFs including KODEX WTI Crude Oil Futures (H) and TIGER Crude Oil Futures Enhanced (H) each gained approximately 15%.
Goldman Sachs forecast that Brent crude prices could exceed $120 per barrel in the fourth quarter if disruptions continue at the Strait of Hormuz and Bab el-Mandeb Strait.
NH Nonghyup Financial Reports Record First-Half Net Profit
NH Nonghyup Financial Holding reported first-half net profit of 1.7791 trillion won, up 9.2% year-over-year and a record for any half-year period. Interest income reached 4.4422 trillion won, up 8.4%, while non-interest income surged 47.4% to 1.9599 trillion won, driven by fee income growth amid favorable equity market conditions. NH Investment & Securities (ticker: 005940) posted net profit of 965.2 billion won, up 107.5%, and NH-Amundi Asset Management recorded 69.4 billion won, up 342.7%. The group completed a 1.2 trillion won capital increase last month and stated it plans to sustain growth momentum in the second half.
FAQ
What did President Lee discuss with tech CEOs on May 24?
President Lee met with executives from Anthropic, OpenAI, NVIDIA, and Broadcom on May 24 (local time) in San Francisco. Policy Chief Kim Yong-beom stated on May 22 that the meetings could result in gigawatt-scale semiconductor and AI data center contracts beyond standard memorandums of understanding, with potential long-term supply agreements involving Samsung Electronics and SK Hynix.
Why did renewable energy and crude oil ETFs surge recently?
Renewable energy and crude oil ETFs gained 15-20% over the past week due to rising Middle East tensions following U.S. announcements of strikes against Iran and Yemen's Houthi forces, which drove international oil prices higher. Goldman Sachs forecast Brent crude could exceed $120 per barrel in the fourth quarter if shipping disruptions at key straits continue.
