Nvidia CEO Jensen Huang resigns, and Korea says its GPU deal still stands

Nvidia CEO Jensen Huang resigns, and Korea says its GPU deal still stands

Nvidia's Jensen Huang resigned as CEO on November 12, US time, and Korea's science minister said Nvidia still plans to deploy up to 260,000 GPUs in Korea, per Yonhap.

Nvidia's board said Huang left his posts as CEO, president and board member, effective immediately, per Hankyoreh. The move followed reports of extramarital relationships, per The Fact. One report involves a woman US intelligence officials suspect of working with Chinese intelligence, per Hankyoreh. Chief financial officer Colette Kress is interim CEO.

Why this matters. Korea's AI plans run through Nvidia. Samsung and Hyundai are each building an AI factory on 50,000 Nvidia GPUs, SK hynix works with Nvidia on next-generation memory chips, and Nvidia put ₩1.34 trillion (about $1 billion) into Naver, per Korea JoongAng Daily. Industry sources told the paper the existing deals are unlikely to unravel overnight. The longer-term worry is that Huang drove them through direct talks with Korea's top executives.

What changed. Science Minister Bae Kyung-hoon wrote on Facebook on November 13 that Nvidia confirmed its commitment and that the ministry has met Nvidia on pending issues. Markets were less calm. The Korea Composite Stock Price Index (KOSPI) ended a two-day rally on November 12, per Yonhap. On November 13 it opened 2.05% higher, hit 5,504.44, then closed down 0.98% at 5,290.53, with foreigners selling a net ₩550.5 billion, per Yonhap. Naver fell 5.12% and SK hynix 3.03%.

The National Pension Service is exposed too. One estimate puts its Nvidia stake at about ₩11.78 trillion on November 11, down about ₩3.98 trillion (25.3%) since the end of June, per Gyeonggi Ilbo. It is an estimate. It assumes the fund still holds the 50,834,621 shares in its June filing, and its holdings may have changed.

What this means for you. If you own Nvidia or other overseas shares, Korean tax can apply to your gains. Residents who have lived in Korea for at least five years pay Korean tax on overseas stock gains, the ₩2.5 million yearly deduction is shared with domestic stock gains, and the return is filed in May. See Seoulstart's guide to overseas stocks.

The last time. In June 2018, Intel CEO Brian Krzanich resigned over a past consensual relationship with an employee that broke company policy. Chief financial officer Robert Swan became interim CEO immediately, per Global News.

What's next. Nvidia says it will report third-quarter results on November 17, US time, which is the morning of November 18 in Korea. The board is searching for a new CEO, inside and outside the company.

Korea This Week

President Lee tells the Korea Exchange that undervalued stocks are an "unreasonable abnormality"

President Lee Jae-myung said at the Korea Exchange on November 13 that "normalizing the capital market is our government's unwavering policy direction," per Yonhap.

What changed. Lee called the low valuation of Korean stocks an "unreasonable abnormality." He said he had told an investigative body to crack down on price manipulation, called hostile takeovers "the greatest tool for normalizing the market," and asked for policy to make mergers and acquisitions easier. He also called for a high-level body to oversee reform. The KOSPI traded in the mid-5,000s on Friday, after an all-time closing high of 9,114.55 in late June.

Worth knowing. Foreigners net sold more than ₩219 trillion on the KOSPI this year, and 85% of it was Samsung Electronics and SK hynix, per Chosun Biz. Foreign ownership of Hyundai Motor and Samsung Electronics has fallen to its lowest in 26 and 17 years. The measures so far are pledges, with no dates.

Travelers can now bring in self-treatment medicines, including Wegovy and Mounjaro

From November 12, travelers can carry in medicine for their own treatment, including the weight-loss drugs Wegovy and Mounjaro, per Korea JoongAng Daily.

What changed. Customs had been holding even legally prescribed medicine at the border. Now a traveler can bring up to six bottles of a drug approved by an overseas regulator and bought with a doctor's prescription. Above six bottles, the limit is a three-month supply at the labeled dose. For a once-a-week injection like Mounjaro, that is up to 12 doses.

What this means for you. The rule covers foreigners and international students bringing in medicine they took abroad, people returning with medicine prescribed in Korea, and medicine prescribed during a trip, per Channel A. The reports mention only a prescription as paperwork.

Worth knowing. A four-week supply of the starting Mounjaro dose costs about ₩280,000 to ₩350,000 in Korea and about ₩80,000 to ₩120,000 at some Japanese clinics, per JoongAng.

The Korail union sets an indefinite strike for December 10, and school workers plan one for November 27

The Korean Railway Workers' Union said on November 11 it will start an indefinite strike at 9 a.m. on December 10 unless its demands are met, per Korea Herald.

What changed. The union wants more safety staff and a fairer promotion system. In its vote on November 2 to 5, 16,783 members voted yes, which is 67.97% of the 24,691 eligible members. Korail took over SR's high-speed services on September 1, so trains once sold as SRT now run as KTX. In past strikes those trains kept running under a separate operator. Essential services must keep minimum operation, and some trains could run less often.

One complication. School non-regular workers, including meal staff, plan to strike on November 27 after a 92.5% yes vote. They want the government to withdraw a school-funding reform, per SBS Biz.

What's next. Korail's union starts a go-slow on November 23, alongside a Seoul Metro go-slow on November 20 and a strike on November 25.

Lee's approval slips to 39% in Gallup, and the ruling party opens an ethics probe into one of its own leaders

President Lee's approval fell 2 points to 39% in Gallup Korea's weekly poll, with 50% disapproving, per Yonhap.

The numbers.

• Gallup (November 10 to 12, 1,002 adults, margin of error 3.1 points): real estate policy was the top reason for disapproval, at 17%. The Democratic Party (DP) stood at 39% and the People Power Party at 26%.
• National Barometer Survey (November 9 to 11, 1,001 adults): 44% approve, 47% disapprove. Among people in their 30s, approval was 28%, down from 62% a year earlier, per Maeil Shinmun. The two polls use different pollsters and methods.

What changed. Reports said DP Supreme Council member Choi Min-hee told a party meeting that Lee had opposed Yoon Suk Yeol's impeachment. The Blue House (청와대) called it groundless. Choi later said she was mistaken and that Lee has backed impeachment since the December 2024 martial law bid. DP leader Kim Min-seok ordered an ethics probe into her remarks. She also drew criticism for calling reporters "a pack of hyenas" in a group chat.

What's next. On November 13, Choi and two other Supreme Council members aligned with former DP leader Jung Chung-rae skipped the council meeting. They said Kim should face an ethics probe himself over a since-withdrawn claim about the Shincheonji church, per Yonhap.

Samsung breaks ground on a ₩46 trillion memory-chip campus, as builders warn of a labor shortage

Samsung Electronics held a groundbreaking on November 12 for a new high bandwidth memory (HBM) chip line at its Onyang campus in Asan, South Chungcheong Province, per Yonhap.

What changed. Samsung plans to invest ₩46 trillion at Onyang for five HBM lines, ₩6 trillion for construction and ₩40 trillion for equipment, in phases. The new line has a 31,000-square-meter cleanroom, is planned to run from June 2028 and is expected to create about 700 direct jobs.

One complication. Money Today reported that the land ministry estimates 260,000 construction workers will be needed for chip plants by 2030, against about 50,000 now. It said Samsung and SK executives asked the government for help in private meetings on November 4 and 10, per Money Today.

Hiring this week

New roles picked from Seoulstart Jobs.

• Field & Events Marketing Manager. Notion, Seoul. Posted November 12.
• Account Executive, Enterprise Core. Databricks, Seoul. Posted November 13.
• Robotics Field Engineer, AMR. Bear Robotics, Changwon. Posted November 13.
• Senior Technical Project Manager. Merck KGaA, Ansan. Posted November 13.
• Finance Controller, AC Hotel by Marriott Seoul Geumjeong. Marriott International, Gyeonggi Province. Posted November 13.

See all new jobs in Korea

Watch This Week

• Tuesday November 17, US time (morning of Wednesday November 18 in Korea). Nvidia reports third-quarter results, its first since the CEO change. Nvidia said the report goes ahead, per The Fact. Korean memory makers, Naver and the pension fund are all tied to the company.
• Wednesday November 18 to Thursday November 19. The APEC summit in Shenzhen, China. President Lee and Chinese President Xi Jinping are expected to meet, per Yonhap. Bloomberg reported that Trump will meet Xi and Putin there on Thursday, per Yonhap. A Seoul presidential official said a Trump and Kim Jong-un meeting looks unlikely.
• Thursday November 19, 8:40 a.m. to 5:45 p.m. The college entrance exam (수능, CSAT): 551,864 applicants at 1,312 test sites, per the Ministry of Education. Metro-area subways add trains from 6:00 to 8:10 a.m., offices and firms are asked to start after 10 a.m., and planes and helicopters are held back during the English listening test. Vehicles are stopped 200 meters from test sites. Seoul is forecast to hit about -1°C that morning, the first sub-zero exam day in six years, per Yonhap.

In Conversation

A near-perfect score on this year's tax accountant exam has people asking whether AI smart glasses were involved, per Yonhap. No evidence has turned up so far.

The top scorer got 397.5 of 400 points on the first round, missing one question of 160. The average in tax law was 30.18, and 74.21% of test-takers scored below 40, per News1. The exam agency says it has found no evidence so far. Four proctors saw nothing unusual, and the exam rooms, rented school classrooms, have no CCTV. It is still reviewing the second-round essay answers, per Nocut News. The Korea Tax Accountants Association said suspicion should be handled carefully.

So people are testing it themselves. The second-place scorer posted a video of himself solving a problem on the spot, unscripted, which passed 280,000 views in a day, per Financial News. The first perfect scorer on the law-school entrance test, who drew similar suspicion, says he will solve the college exam's Korean section live and unedited from 11 a.m. on Thursday, per Kookmin Ilbo. The government has promised specialized staff to detect AI glasses at test sites.

Korea Decoded

The college entrance exam (수능) and the private education behind it

The college entrance exam (수능, CSAT) is one national exam held each November, and the score is the main factor in university admission.

Worth knowing. That is why families spend so much around it. In 2025, Korean families spent ₩27.5 trillion on private education for primary and secondary students, the first decline in five years (down 5.7%), mainly because fewer children are in school. Even so, 75.7% of students took part, and the monthly cost per participating student hit a record ₩604,000. In Seoul, the average was ₩663,000 per student per month, and the highest-income families spent about 3.4 times the lowest. Korea's Constitutional Court struck down the ban on private tutoring on April 27, 2000. See Seoulstart's private education guide.

Activities

Festivals

• Through Sunday November 29. Seoul Autumn Festa (서울어텀페스타): a citywide performing-arts season linking performances and festivals in venues across Seoul. An information center is on the first floor of the Seoul Foundation for Arts and Culture's Daehak-ro Center, closed Mondays and public holidays. The page lists no prices, so check before you go, per Seoul Metropolitan Government.
• Still on. Pohang International Light Festival (포항국제불빛축제), Yeongildae Beach, Pohang, North Gyeongsang Province, Thursday November 19 to Saturday November 21, free, per Korea Tourism Organization. Gwangju Biennale, Gwangju, last day Sunday November 15.

Events

• Saturday November 21, 1 to 5 p.m. A Royal Asiatic Society Korea Branch walk, "Tracing the Tracks of History: The Changing Landscape of Gongneung-dong," led by Brendan Kelly, a Royal Asiatic Society member who lives in Gongneung. It starts at Exit 2 of Hwarangdae Station (Line 6) and ends near Gongneung Station (Line 7), with stops at the Seoul Urban Life Museum, the old rail line turned park, Gongneung Dokkaebi Market and colonial-era campus buildings. ₩30,000, ₩25,000 for members, ₩10,000 for students with ID. RSVP by November 19 and pay in advance, per RAS Korea.
• Through Friday November 20. Seoul Travel Week, run by the Seoul city government for international visitors, with a K-drama filming-location tour from Dongdaemun Design Plaza on November 18, Korean cooking at Ottogi's studio on November 19 and a K-pop dance event on November 20. Registration opened earlier this month on a first-come basis, so some programs may be full, per Korea Times.

Good Reads

• Ilda. "Twelve years of Germany's confidential birth, and what it asks of Korea's protected-birth law." Germany introduced confidential birth in 2014 so women who cannot disclose a pregnancy can give birth with medical care while their identity is kept on file for the child. The piece compares Germany's child benefit, €259 a month to age 18, with Korea's ₩100,000 to ₩130,000 to age 8. (link)

• Seoulstart guide. Year-End Tax Settlement (연말정산) for Foreign Residents in Korea. The Hometax simplified service opens January 15, employers file with the National Tax Service (NTS) by March 10, and refunds or extra tax show up in the February paycheck. Foreign workers can elect a flat 19% rate (20.9% with local tax) for up to 20 years, but lose deductions and credits. The one foreigners miss most is ₩1.5 million per overseas dependent.

• Journalists Association of Korea. "'We are looking for the V9 edition': Samsung Lions fans clear out the newsstands." The Samsung Lions won their ninth Korean Series title on November 8. Daegu's Maeil Shinmun printed a free special edition for about 21,000 fans who signed up in advance, plus about 7,000 spare copies for walk-ins, while Dong-A Ilbo and Sports Dong-A editions sold out and other papers reprinted. (link)

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New on Seoulstart this week

• Tools on job pages: practice the interview with an AI coach for that role, and buy a Korean application pack, a Korean CV (이력서) and cover letter (자기소개서) written for that one job from your own CV, US$9.99. Job pages also show rent near the job, a moving kit after you click Apply, and visa and contract help on jobs that point to an E-7, E-9 or D-10 visa.
• Korea Job Hunt Playbook: 20 chapters on getting hired in Korea, from the visa and the Korean CV to interviews, salary and the offer. Read it on Seoulstart right after you pay.
• Japan jobs: a new Japan jobs board, the same board as Korea jobs, open to readers in Korea too.
• Global and remote jobs are now free for everyone on Seoulstart Jobs. The Jobs plan covers Korea and Japan jobs, and now includes the CV maker, interview practice, the playbook and Korean packs.
• The Jobs menus now match the tabs on the jobs pages, with Opportunities right after All jobs.
• Housing pages (rent and price data) are free for everyone.

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That's Seoulstart Korea Weekly for this week. See you next week.

P.S. Job of the week: NAVER is hiring for its NAVER Global Internship, Summer 2027, posted November 13. More roles like it are on Seoulstart Jobs.