Tech Stocks Boon as Micron and Qualcomm Surge: Asian Markets Rejoice
Micron’s quarterly revenue quadrupled and it forecast another record, easing concerns about AI demand and lifting tech shares across the region.
- On Thursday, Asian stock markets climbed after United States chipmaker Micron reported strong quarterly earnings, alleviating investor concerns about the sustainability of the artificial intelligence rally.
- Micron announced customers committed $22 billion for memory chips, while Qualcomm anticipates $15 billion in sales from its data center business by 2029, boosting tech-heavy markets in Japan and South Korea.
- South Korea's Kospi index soared 5.65 per cent on Thursday, while Tokyo's Nikkei 225 rose 2.31 per cent, with S&P 500 futures climbing 0.5 per cent and Nasdaq futures jumping 1.8 per cent.
- Brent crude futures dipped 0.5 per cent to $73.34 a barrel as tankers exited the Strait of Hormuz, easing supply concerns while the Federal Reserve remains under pressure to raise interest rates.
- Analysts remain skeptical of a sustained rally, with ATFX Global strategist Nick Twidale cautioning that valuation concerns will "continue to weigh on sentiment" despite the positive earnings boost.
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26 Articles
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