HONG KONG, Oct 21 — Asian markets rallied today as tech firms enjoyed a much-needed rebound, with investors taking heart from upbeat earnings that lifted sentiment ahead of a crucial reporting season.
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 7 per cent, while Kioxia, Advantest and SoftBank spiked between two and 4 per cent in Japan — having all been pummelled since the start of last week.
The gains came after Elon Musk’s SpaceX reported its first quarterly profit as a public company, as deals to rent out computing power to AI firms sent revenue at its artificial intelligence unit soaring.
