Models & Labs · Asia-Pacific

South Korea's September ICT Exports Surge Past US$75B on AI Demand

Reading from Digital Today · Credited to DigiTimes $ · digitimes.com · 8h ago

Photograph · DigiTimes

Helped by a global expansion of AI investment, South Korea's information and communications technology (ICT) exports in September topped $70 billion for the first time. Semiconductor exports accounted for more than 80 percent of the total, driving the highest result on record.

According to the "September 2026 ICT Export and Import Trends" released on Tuesday by the Ministry of Science and ICT and the Ministry of Trade, Industry and Energy, ICT exports last month came to $75.15 billion, up 195.8 percent from a year earlier. Imports rose 55.3 percent to $21.43 billion. The trade balance posted a surplus of $53.71 billion.

The ICT export total exceeded the previous record of $59.98 billion set in August, entering the $70 billion range for the first time. The trade surplus also topped $50 billion for the first time, setting a new record. ICT accounted for 62.1 percent of South Korea's total industrial exports of $120.94 billion. The share stayed above 60 percent for a second straight month, following 61.0 percent in August.

Semiconductor exports at $60.33 billion hit a record on back of broader AI investment

By item, semiconductor exports rose 262.8 percent from a year earlier to $60.33 billion. That was 80.3 percent of total ICT exports. It set a record for a second straight month, following August.

Growing demand for higher value-added products from increased investment in AI infrastructure, along with rising memory chip prices, drove the export increase. Memory chip exports climbed 358.6 percent to $54.07 billion. System semiconductors also rose 28.9 percent to $5.49 billion.

Rising memory chip prices also continued. The fixed contract price of 16Gb DRAM rose to $48 in September from $40 in June. The price of 128Gb NAND flash also increased over the same period to $30.6 from $28.8.

Exports of computers and peripherals surged 393.0 percent from a year earlier to $7.16 billion. That reflected rising demand for server solid-state drives (SSDs) as investment in AI data centres expanded. SSD exports climbed 532.0 percent to $6.77 billion.

Mobile phone exports rose 28.2 percent to $1.9 billion. Exports of parts such as camera modules and 3D sensing modules increased, and sales of high-priced finished products grew. Exports of finished products rose 40.1 percent to $590 million, while parts increased 23.3 percent to $1.31 billion.

By contrast, display exports fell 11.5 percent to $1.7 billion. Lower demand for organic light-emitting diode (OLED) products due to adjustments in some new smartphone launch schedules, along with pressure to cut unit prices, weighed. Communications equipment exports also slipped 2.3 percent to $220 million as demand fell in countries including Poland and Turkey.

Exports to the United States jump 420 percent, with growth also in China, Taiwan and other major markets

By region, the increase in exports to the United States stood out. ICT exports to the United States jumped 420.1 percent from a year earlier to $15.17 billion. Semiconductor exports rose 700.1 percent to $10.32 billion, while computers and peripherals increased 654.7 percent to $3.59 billion.

Exports to China, including Hong Kong, rose 228.9 percent to $30.4 billion. Semiconductor exports increased 290.7 percent to $26.63 billion, leading the overall rise. Exports to China accounted for 40.4 percent of total ICT exports. Exports to Taiwan climbed 110.9 percent to $9.06 billion and Vietnam rose 66.8 percent to $6.77 billion. Increases were also seen in major markets including the European Union (128.5 percent), Japan (119.6 percent) and India (104.3 percent).

Meanwhile, ICT imports saw semiconductors rise 94.5 percent from a year earlier to $12.62 billion. Mobile phones increased 40.9 percent to $1.67 billion, while computers and peripherals rose 48.4 percent to $2.22 billion.

This content was produced with the assistance of AI and reviewed by our editorial team. You can read the original version in Korean here.

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Models & Labs · United States

Anthropic secured highest junk credit rating in June

Reading from TradingKey · Credited to Financial Times $ · ft.com · 13h ago

In June, KBRA assigned AI startup Anthropic a speculative-grade "BB+" credit rating with a stable outlook, just below investment grade. Despite incomplete financial data regarding free cash flow and EBITDA, the rating was supported by robust operational performance, including strong third-quarter revenue growth and consecutive adjusted profitability. However, slowing growth rates and massive computing power investments highlight long-term financing and cash flow risks. Achieving a future investment-grade rating would lower capital costs and broaden access to long-term institutional funds like pension funds, aligning with similar pre-IPO financial strategies pursued by rival OpenAI.

TradingKey - Anthropic's Credit Rating Surfaces for the First Time.

According to documents obtained by the Financial Times, credit rating agency Kroll Bond Rating Agency (KBRA) assigned Anthropic a "BB+" rating with a stable outlook in June this year. This is the highest tier among speculative-grade ratings, just one notch below the investment-grade threshold.

For an AI startup founded just five years ago with relatively limited financial disclosures, this outcome is not bad. If Anthropic achieves an investment-grade rating in the future, the company will gain access to larger pools of long-term capital, such as life insurers and pension funds, while reducing financing costs for debt issuance and data center construction.

The rating was established prior to the closing of a $35 billion chip financing deal. The financing package was led by Apollo Global Management ( APO ), with participation from BlackRock ( BLK ) and several banks, primarily to support Broadcom's ( AVGO ) AI chip platform. Of this, approximately $4.4 billion in subordinated debt directly exposes investors to Anthropic's credit risk, while the remainder is supported by Broadcom. The issuance yield on the subordinated debt was around 8.5%, while the interest rate on the senior debt was 5.75%.

Notably, KBRA assigned the rating despite having incomplete financial data.

Anthropic provided the rating agency with revenue, adjusted operating profit, annualized first-quarter revenue, and second-quarter internal forecasts, but did not disclose key metrics such as free cash flow and EBITDA. Analysts could only estimate the company's debt-service capability based on limited data and their own assumptions, employing a risk-scoring approach instead of a traditional comprehensive financial model.

Despite disclosure gaps, Anthropic's recent operating performance provided support for its credit rating. The company stated at a pre-IPO investor presentation that third-quarter revenue grew approximately 46% quarter-over-quarter to $16.8 billion, marking its second consecutive quarter of adjusted profitability. Actual second-quarter revenue was approximately $11.5 billion, higher than the internal forecast of $10.9 billion it previously provided to KBRA.

However, Anthropic's growth rate has slowed noticeably compared to the beginning of the year, and its third-quarter results fell short of targets previously set by some optimistic investors. This implies that while the company is improving profitability, it has yet to fully demonstrate that its revenue growth can cover its massive computing power investments over the long term.

As of the end of June, Anthropic carried no debt on its own balance sheet. In the past, the company primarily relied on commercial partners with higher credit quality and special purpose vehicles to raise funds for chip procurement and compute leasing. While this model temporarily alleviates on-balance-sheet debt pressure, it cannot eliminate the financing risks ultimately borne by Anthropic's lease payments and operational cash flow.

Anthropic is not the only AI company seeking higher credit ratings; rival OpenAI is also preparing for a potential IPO, with financial advisors for both firms lobbying major rating agencies for investment-grade ratings post-listing.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.

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