Asia Pacific tech stocks surge as chip demand optimism grows
Technology shares across Asia Pacific advanced sharply Monday, led by Japan and South Korea tech-heavy markets. Optimism around a potential new OpenAI model boosted memory-chip demand expectations as US chip and memory stocks rallied.
Technology shares across Asia Pacific advanced sharply on Monday, fueled by optimism that a new model from OpenAI could drive stronger demand for memory chips. The gains followed a rally in US chipmakers and memory stocks on Friday as sentiment toward the sector improved, although broader markets remained under pressure after strong US jobs data reinforced expectations of a Federal Reserve rate hike this month. Investors also remained cautious as oil prices extended their advance after the US and Iran exchanged strikes on ships over the weekend, stoking fresh inflation concerns.
Technology-heavy markets in Japan and South Korea led the regional advance, with the Nikkei 225 and KOSPI Composite rallying more than 2% and 3%, respectively.