SK Hynix shares surged nearly 30 percent on Friday as strong U.S. tech earnings revived investor optimism for artificial intelligence.
SK Hynix recorded its best day on record, closing nearly 30% higher after a sharp rally in Asian markets. The surge was driven by blockbuster earnings from U.S. technology giants Amazon and Microsoft, which bolstered confidence in continued artificial intelligence spending. While investors had previously expressed concerns over high valuations and competition from Chinese chipmakers, the strong results from Amazon and Microsoft helped reverse a recent sell-off in the semiconductor sector. South Korea's benchmark Kospi index rose nearly 18% on Friday, fueled by the performance of SK Hynix and Samsung Electronics. Samsung Electronics also saw significant gains, closing nearly 28% higher. The rally also extended to Japan and Taiwan, with TSMC surging almost 10%. Analysts noted that the rebound was powered by Microsoft's well-received numbers and reassured investors that AI infrastructure spending remains robust. Despite some volatility in the bond market and concerns regarding persistent inflation, the tech-heavy Nasdaq and other major indices finished higher, reflecting a renewed sense of optimism for the risk-on market.