On SR there are a few different ways you can go, depending on your playstyle and who you're against.
Rune wise, I like to go Aery over comet - it's easier to proc and its definitely going to hit. While it only does a tiny amount of damage compared to comet, it has actually been the extra bit I've needed when ulting to secure the kill quite a few times.
Electrocute is an option, but I've always seen it as counterproductive to his playstyle. If you just farm up as Karth you'll be relevant, and electrocute forces you to trade with your opponent, opening up the option to die and fall behind - which is the last thing you want to be doing btw.
I forget what the other ones are called, but the rune that scales ad/ap with time is really good as well as the rune that reduces the CD of your ult if you get a kill with it.
Build wise, I rush catalyst almost 100% of the time. It provides a ton of sustain and just allows you to keep farming and staying in lane. Build it into RoA and than itemize as you see useful - my build usually looks something like: Catalyst > RoA > Sorc shoes > Void Staff > Morello > Deathcap > Zhonyas or liandrys or Rylias depending on whichever is most useful. The one exception would be rushing a seekers if youre against Zed/Talon and they have an early kill.
It's worth noting that in almost every single Karthus game I've played I've dealt the most damage. Karthus get absolutely out of control if you farm up and play smart.
Karthus is really similar to A Sol in how he benefits enormously from magic pen - you should probably always build sorc shoes, morellos, and DEFINITELY void staff regardless. When you're 6 items your ult can easily deal over 1k damage by itself.
Playstyle you should always be farming. Think 60 cs by 9 min. Don't even think about fighting until you've finished 1 or 2 items, because late mid game to late game you'll be hitting like a truck. It's also worth noting that in lane, karth has a distint advantage over melee champs because he can wipe out the line of caster minions in a second. I think it's 6 q's level one kills them all, at which you level up your w and start getting mana back from kills.
From playing him a lot, I actually think he doesn't have that many matchups he gets steamrolled in. Some of his harder matchups are the intuitive ones, Zed, Ekko, Kat. I would pick Karth into almost any patchup except those. If they're good youre going to get smashed and theres a high chance they'll snowball out of control. However, in that case just pick Diana.