Asian stocks rally as tech firms enjoy bounce ahead of key earnings
SpaceX’s first quarterly profit and stronger-than-expected Super Micro results eased worries over AI spending and lifted chipmakers across the region.
- Asian markets rallied Wednesday as tech firms enjoyed a much-needed rebound, with investors taking heart from upbeat earnings lifting sentiment ahead of a crucial reporting season.
- Positive earnings from SpaceX and Super Micro Computer soothed trading floor worries regarding the AI boom, which has seen companies invest hundreds of billions into data centers and hardware in recent years.
- SpaceX reported $4.4 billion in net profit for July-September, more than double expectations, while revenue jumped 161 percent to $14.6 billion following its world-record IPO in June.
- Oil prices jumped more than 1 percent on supply concerns after the UKMTO maritime agency reported a tanker sailing off Qatar was struck by "multiple projectiles," causing casualties.
- Magnificent Seven members Meta and Tesla report later, with strong results potentially reigniting broader AI enthusiasm and giving the sector more sustained momentum going forward.
12 Articles
12 Articles
Lists in order scattered in Asia and Pacific after the first quarterly of the tech giants like SpaceX and Super Micro Computer. (ANSA)
Asian stocks rally as tech firms enjoy bounce ahead of key earnings
Seoul and Tokyo were the headliners again as chipmakers and other key players in the AI buildout boom chalked up healthy gains, following a torrid few weeks fuelled by concerns about profitability and debt financing. South Korea's SK hynix and Samsung both surged at least seven percent, while Kioxia, Advantest and SoftBank spiked between two and four percent in Japan -- having all been pummelled since the start of last week. The gains came afte…
The Tokyo Stock Exchange recorded a rise, supported by the titles related to artificial intelligence and semiconductors, while the weakening of the yen favored exports. The Seoul Stock Exchange also saw an increase in the Kospi index thanks to semiconductors, recovering from a minimum six-monthly.
The biggest winners were the Japanese and South Korean markets, while investors await the results of Meta and Tesla and assess whether large technology companies can justify huge investments in artificial intelligence.
Asian stock indexes rose on Wednesday, led by a rebound in technology stocks, as upbeat earnings reports lifted investor sentiment.
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