Tech firms led an Asian market rally Thursday on renewed optimism about demand for AI equipment following a strong earnings outlook from US chip giant Micron.
News that South Korean behemoth SK hynix had started mass production of a more advanced artificial intelligence chip also fanned optimism among investors already upbeat after China unveiled a raft of economy-boosting measures this week.
The positive sentiment on trading floors comes ahead of the release of the Federal Reserve’s preferred gauge of inflation which could play a role in officials’ plans for interest rates, following last week’s mood-boosting bumper cut.
Tech shares have been the main driver of a surge in global markets this year — pushing several to record highs — as demand for all things AI heats up.
While they have seen a lull in recent weeks on worries the rally may have been overblown, there is optimism that there are …