Asian stocks climbed on Thursday as upbeat forecasts fromMicron Technology Inc (NASDAQ:MU) revived optimism over artificial intelligence spending, driving another leg higher in semiconductor shares and extending a regional rebound from this week’s technology-led selloff.
The regional rebound tracked gains in U.S. stock futures after Micron delivered stronger-than-expected earnings and forecast robust demand for AI memory chips, easing concerns that stretched valuations were beginning to derail the sector’s rally. S&P 500 Futuresrose about 0.6% in Asian trade while Nasdaq 100 Futures gained around 2.0%, extending overnight gains after Micron’s stronger-than-expected earnings and bullish outlook reinforced confidence in AI-related demand.
Investors also looked ahead to U.S. Personal Consumption Expenditures (PCE) inflation data due later on Thursday. The print is the Federal Reserve’s preferred inflation gauge and is expected to offer more cues on interest rates.
Semiconductor rally powers Korea, Japan gains
South Korea’s KOSPI surged 5.7%, while Japan’s Nikkei 225 rallied 5%.
KOSPI led gains across Asia as semiconductor stocks rebounded sharply after Micron’s upbeat outlook underscored resilient AI-related memory demand. The rally follows a steep selloff earlier this week on concerns over elevated technology valuations.
The rebound was led by regional memory-chip makers, with Samsung Electronics Co Ltd (KS:005930) ended 5.3% higher and SK Hynix Inc (KS:000660) closed up 13.9%, helping reverse part of the roughly $1.3 trillion rout in global technology stocks earlier this week.
Japan’s Advantest Corp. (TYO:6857) climbed 14.9%, Tokyo Electron Ltd. (TYO:8035) rose 8.1% and Kioxia Holdings Corp (TYO:285A) gained 13.1%.
China supported by bond sale; Hong Kong lags
China’s Shanghai Shenzhen CSI 300 rose 1.2% while the Shanghai Composite traded flat after Beijing began marketing up to €5 billion of sovereign bonds in what could become its largest euro-denominated debt sale. The People’s Bank of China also announced adjustments to its reverse repo operations aimed at improving monetary policy transmission.
Hong Kong’s Hang Seng fell 1.8%, underperforming regional peers as heavyweight banking stocks, including Bank of China Ltd H (HK:3988) and Agricultural Bank Of China (HK:1288), came under pressure amid ongoing regulatory audit scrutiny, offsetting gains in technology shares.
But Chinese chip stocks rose in tandem with their regional peers. Hong Kong-listed Semiconductor Manufacturing International Corp (HK:0981) and Hua Hong Semiconductor Ltd (HK:1347) added 0.9% and 0.7%, respectively.
Elsewhere, Indonesia’s Jakarta Stock Exchange Composite Index rallied 2.7%, Thailand’sSET Index gained 0.8%, the Philippines’ PSEi Composite advanced 1.6%, while India’s Nifty 50 rose 0.9%.
Australia’s S&P/ASX 200 0.7%, underperforming regional peers despite data showing employment r rose by 40,300 in May and the unemployment rate unexpectedly eased to 4.4%, reinforcing expectations that the Reserve Bank of Australia could keep monetary policy restrictive for longer.
Markets also kept an eye on U.S.-Iran negotiations, with investors watching whether the countries can build on their interim ceasefire despite lingering disagreements over nuclear inspections and regional security.
Source: Investing