TESLA Motors

South Korean stocks closed a tad higher Friday to extend their winning streak to a fourth session to a new record high as investors scooped of artificial intelligence (AI) shares despite concerns over a bubble. The local currency fell against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.11 points, or 0.06 percent, to close at 5,224.3, after rising as high as to 5,321.68.

Trade volume was heavy at 852 million shares worth 34.7 trillion won (US$24.1 billion). Losers outnumbered winners 602 to 278.

Individuals bought a net 2.2 trillion won, while foreigners sold a net 1.9 trillion won. Institutions sold a net 425 billion won.

Investors continued to purchase tech shares despite concerns over a bubble, as their performance has already been proven for robust earnings amid the AI cycle.

“For the time being, AI hardware and software companies need to overcome concerns over their profitability,” Han Ji-young, a researcher at Kiwoom Securities, said.

“During the period, the market’s preference for chipmakers that sell memory products to such companies will remain strong,” Han added.

The market advance was limited after U.S. President Donald Trump vowed to raise “reciprocal” tariffs and auto duties on South Korea back to 25 percent this week.

Top-cap Samsung Electronics edged down 0.12 percent to 160,500 won, while SK hynix set a fresh high at 909,000 won, up 5.57 percent.

Brokerage houses closed bullish amid the market rally, with Mirae Asset Securities rising 4.65 percent to 42,750 won and Kiwoom Securities increasing 4.11 percent to 443,500 won.

Top mobile carrier SK Telecom rose 4.32 percent to 72,500 won on the back of improved business outlook, and its rival KT added 1.43 percent to 56,900 won.

Samsung SDI rose 0.52 percent as the company said it has won a battery supply contract without disclosing details, with the deal widely believed to be related to Tesla Inc.’s energy storage system business.

The Korean won was quoted at 1,439.5 won against the U.S. dollar at 3:30 p.m., down 13.2 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 3.2 basis points to 3.138 percent, and the return on the benchmark five-year government bonds added 4.1 basis points to 3.436 percent.

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Jan. 28 (UPI) — Electric vehicle maker Tesla’s revenue and profits fell during the fourth quarter of 2025 despite record levels of production.

Tesla officials on Wednesday reported the Elon Musk-owned company’s adjusted income dropped by 16% during the final quarter of 2025, while net income fell 61% for the quarter and 46% for the entire year.

The quarterly and final revenue report for 2025 reflects Tesla’s largest year-to-year revenue drop as its quarterly global sales of electric vehicles declined despite an increased global demand for EVs.

Partly to blame is the end of a $7,500 federal tax credit for those who bought qualifying EVs, combined with opposition by those who opposed Musk leading the Department of Government Efficiency and his general support of the Trump administration earlier in 2025.

Tesla also is facing increased competition from other EV makers, including Chinese EV firm BYD.

Despite the decline in revenues, Tesla shares rose in value by about 3% during after-hours trading on Wednesday and peaked at $449.76 per share before declining to $437.02.

Tesla officials reported that it produced a quarterly record 434,358 EVs during the final three months of 2025 and delivered 418,227. It also produced a record 14.2 GWh of energy-storage products.

For the year, Tesla produced 1.66 million EVs, delivered 1.64 million and produced 46.7 GWh of energy-storage products.

Jan. 26 (UPI) — Treasury Secretary Scott Bessent announced Monday that the department canceled all contracts with consulting firm Booz Allen Hamilton because of a data leak that included President Donald Trump‘s tax returns.

The department has 31 contracts with Booz Allen for a total of $4.8 million in annual spending and $21 million in total obligations, a press release said.

“President Trump has entrusted his cabinet to root out waste, fraud, and abuse, and canceling these contracts is an essential step to increasing Americans’ trust in government,” Bessent said in a statement.

Between 2018 and 2020, a Booz Allen employee, Charles Edward Littlejohn, “stole and leaked the confidential tax returns and return information of hundreds of thousands of taxpayers.”

The breach affected about 406,000 taxpayers, including Trump, Amazon founder Jeff Bezos and Tesla CEO Elon Musk.

“Booz Allen failed to implement adequate safeguards to protect sensitive data, including the confidential taxpayer information it had access to through its contracts with the Internal Revenue Service,” Bessent said.

Littlejohn pleaded guilty in October 2023 to one charge of disclosure of tax return information and was sentenced to five years in prison. He admitted to leaking Trump’s tax information to The New York Times and leaking other tax information to ProPublica.

Booz Allen’s stock price dipped by 8% on the news, CNBC reported.