Asian tech stocks surge as Wall Street AI rally boosts optimism

Published Aug 5, 12:57 AM UTC

Asian technology stocks rallied sharply on Wednesday, tracking a record-setting Wall Street session driven by strong corporate earnings, falling oil prices, and renewed optimism around artificial intelligence. Japan's SoftBank Group surged over 10% after its chip design subsidiary Arm Holdings jumped on higher AI-related data center royalty expectations. Other Japanese chip stocks including Tokyo Electron, Advantest, and Kioxia also posted strong gains. In South Korea, SK Hynix jumped 6.9%, Samsung Electronics rose over 4%, and Seoul Semiconductor gained 7.6%. The rally followed a banner day on Wall Street where the S&P 500 and Dow Jones Industrial Average closed at fresh all-time highs, and the Nasdaq Composite surged 2.59% as Palantir Technologies rallied over 29%. Analysts expect the bullish momentum for Asian AI-linked names to continue.