Asian stock markets rallied on Thursday after blockbuster earnings from US chipmakers Micron and Qualcomm reignited investor enthusiasm for artificial intelligence, sending technology shares sharply higher across the region.
The strong results from Micron, which surged as much as 16% in after-hours trading, comfortably beat market expectations and reinforced confidence in continued AI-driven semiconductor demand. The memory chip maker reported quarterly net income of $28.2 billion, up from $1.9 billion a year earlier, while operating income reached $33.3 billion, approaching the levels generated by technology giants such as Apple, Microsoft and Alphabet.
The upbeat results helped reverse recent weakness in technology stocks, lifting the MSCI Asia-Pacific index excluding Japan by 1.6%.
Japan’s Nikkei 225 jumped 4.6%, while South Korea’s Kospi surged 6.4% to fresh record highs. Taiwan’s stock market also moved higher, gaining 0.5%.
Investor sentiment was further boosted after South Korean chipmaker SK Hynix unveiled plans to raise up to $29.5 billion through a secondary listing on Nasdaq, aiming to capitalise on continued strong demand for AI-related investments.
SK Hynix and Samsung Electronics have been major drivers of South Korea’s stock market this year, helping the Kospi deliver gains of more than 110% since the start of the year and making it one of the world’s strongest-performing equity markets.
Meanwhile, oil prices continued to retreat, falling back to levels last seen before the Iran conflict as more oil tankers successfully exited the Strait of Hormuz, easing concerns over global energy supplies and adding to the positive mood across financial markets.
