South Korean chip shares rally after Micron’s upbeat earnings
South Korean chip stocks rallied on Thursday after Micron Technology reported a record quarter and an upbeat outlook, reviving optimism that demand for AI memory will stay tight well into next year.
The benchmark KOSPI rose about 4.1%, with the country’s two memory makers, which together account for more than 55% of the index, doing most of the lifting.
Samsung Electronics climbed 5.3% to 358,500 won. SK Hynix, the smaller but now more valuable of the pair, rose 9.2% to 2.818 million won, according to Reuters. Foreign buyers led the move, reversing two days of chip-sector weakness in a single session.
The catalyst came from across the Pacific. Micron, the largest US maker of computer memory and a key supplier to Nvidia, posted fiscal third-quarter revenue of $41.46bn for the March to May period, far ahead of the roughly $35.84bn analysts polled by LSEG had expected.
The company guided fourth-quarter...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
