From CNBC, August 4:
- Asian technology stocks rallied on Wednesday after Wall Street’s record-setting session fueled optimism around artificial intelligence and growth stocks.
- Shares of SoftBank surged more than 10%.
Asian technology stocks surged Wednesday after a strong Wall Street rally overnight that saw robust corporate earnings and easing oil prices push major U.S. indexes to fresh records.
Shares of SoftBank Group surged more than 10%, while chip equipment maker Tokyo Electron added 3.64%. Advantest jumped 7%, and Japanese memory chipmaker Kioxia rose 6.34%.
In South Korea, SK Hynix jumped 6.9%, while Samsung Electronics gained over 4%. Seoul Semiconductor popped 7.6%.
Tech stocks have been seeing heightened volatility, with South Korea’s semiconductor-heavy market whipsawing between steep losses and record gains in recent sessions.
Ortus Advisors’ strategist Andrew Jackson said in a note on Wednesday the latest rally in U.S. semiconductor stocks reinforced the bullish outlook for Asian AI names, pointing to a surge in chipmakers and infrastructure suppliers overnight.
Jackson expects SoftBank to further extend gains after Arm Holdings, its majority-owned chip design subsidiary, jumped overnight on optimism over higher AI-related data center royalties and CPU development plans....
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The stock is now up 11%.