Tech Stocks Boon as Micron and Qualcomm Surge: Asian Markets Rejoice

Asian equities surged due to robust earnings from Micron and Qualcomm, alleviating AI rally concerns. Japan's Nikkei and South Korea's KOSPI saw significant gains. Investor worries over AI valuations persist. Meanwhile, oil prices eased as tankers exited the Strait of Hormuz, and U.S. interest rate hikes loom amid inflationary pressures.

Asian equities soared on Thursday after chip giants Micron and Qualcomm reported strong earnings, easing concerns of an overheated AI rally that had driven global stocks to unprecedented heights. Japan’s tech-heavy markets and South Korea experienced sharp rises as Micron announced $22 billion worth of memory chip commitments, alongside Qualcomm forecasting $15 billion in sales from its data center business by 2029.

Early trading saw MSCI’s broad index of Asia-Pacific shares outside Japan climb 1.3%. Japan’s Nikkei surged over 2%, while South Korea’s KOSPI, the top-performing stock market in 2026, increased by 5.5%. Futures for the S&P 500 grew by 0.5%, with Nasdaq futures jumping 1.8%.

Market analyst Tony Sycamore from IG commented on the positive impact of Micron's earnings, but noted potential challenges to the tech sector's momentum. Concerns linger over AI stock valuations, causing market volatility. Oil prices fell further as tankers left the Strait of Hormuz amid easing supply concerns following a U.S.-Israeli accord with Iran, impacting inflation and influencing potential interest rate hikes by the U.S. Federal Reserve.