South Korea's Kospi index soared nearly 7% to a fresh record on Wednesday, driven by a rally in technology stocks fueled by expectations of strong growth in artificial intelligence. Samsung Electronics' stock jumped nearly 13%, while SK Hynix, another major Korean computer chipmaker, saw its shares surge 10% in early trading. The South Korean market was closed on Tuesday for a holiday.
AI Optimism Lifts Tech Shares
The surge in semiconductor stocks reflects growing investor confidence in the AI sector, which is expected to drive demand for advanced chips. Samsung Electronics and SK Hynix are key players in the global memory chip market, benefiting from the AI boom.
Broader Market Movements
Shares mostly rose in other Asian markets, while on Wall Street, stock prices climbed to records on Tuesday. The S&P 500 gained 0.8%, surpassing its prior all-time high set at the end of last week. The Dow Jones Industrial Average added 356 points, or 0.7%, and the tech-heavy Nasdaq composite also set a new record after rallying 1%. The positive sentiment was supported by easing oil prices and better-than-expected corporate profits.
