Asian stocks jump as Micron outlook lifts chip shares
What's new: South Korea's Kospi surged nearly 6%, while Nasdaq 100 futures climbed about 2% after Micron projected another record quarter.
Asian stocks rallied Thursday after Micron Technology posted stronger-than-expected results and forecast another record quarter, reviving confidence in the AI-driven chip trade. Japan's Nikkei 225 rose 2.31% in early trading, while South Korea's Kospi jumped as much as 5.65%. Micron's quarterly revenue had quadrupled from a year earlier, and the company projected roughly US$50 billion in revenue for the current quarter. Its shares rose about 15% after the US market close. In Seoul, SK Hynix shares climbed as investors also digested the company's plan to raise US$29 billion through a Nasdaq listing. The rebound followed a two-day regional slide that had pressured technology stocks.