HONG KONG, Oct 28 — Technology firms surged across Asia on Wednesday after blockbuster earnings from chip giant SK hynix helped boost optimism in the AI trade ahead of results from Wall Street titans Microsoft and Alphabet.
Oil prices rose as investors kept tabs on Israel’s election results, which could determine the future of Prime Minister Benjamin Netanyahu’s war against Iran.
After a slight wobble this month in the tech realm caused by fresh worries about huge investment spending, profitability and company finances, AI-linked firms were back on the front foot.
SK hynix, which has been at the forefront of the chip boom, said Wednesday that third-quarter operating profit soared 632 per cent to US$62.8 billion (RM256.40 billion) thanks to explosive demand for its advanced semiconductors.
The firm said it had now posted record revenue and operating profit for six straight quarters.
“While Wall Street argues over whether the AI arms race can keep financing itself, SK hynix has just reminded the market that somebody on the other side of all that capex is receiving the cheque,” wrote Stephen Innes at SPI Asset Management.
The reading added to optimism surrounding the sector after Anthropic, the mother company for Claude AI, said Monday in its IPO filing that first-half revenue surged about 1,300 per cent and flagged heavy capital spending ahead.
That was followed Tuesday by Broadcom’s announcing jointly with Citi, Blackstone and Morgan Stanley a US$63 billion financing structure to build new capacity for Anthropic.
“The AI trade has undoubtedly received a healthy shot in the arm from Anthropic’s… filing, with its incredible revenue growth, improving compute economics and substantial commitments to future infrastructure investment reinforcing the longer-term opportunity across the AI supply chain,” said Pepperstone’s Chris Weston.
Shares in SK hynix soared almost nine per cent Wednesday and South Korean rival Samsung, which reports Thursday, added more than eight per cent. That pushed Seoul’s Kospi index up more than six per cent.
Japan’s Nikkei 225 climbed more than one per cent, with chipmaker Kioxia soaring more than 10 per cent, while Advantest gained three per cent and Tokyo Electron four per cent.
Taipei was pulled sharply higher thanks to chipmaker TSMC’s strong performance, while Hong Kong, Shanghai, Sydney, Singapore and Wellington were also well up.
The gains tracked advances in New York, where the Nasdaq added more than one per cent.
Microsoft and Alphabet are due to report later in the day, while Amazon, Apple and Intel follow on Thursday.
However, traders are also awaiting the Federal Reserve’s policy decision Wednesday.
While it is expected to stand pat after last month’s hike, its post-meeting statement and comments from boss Kevin Warsh will be pored over for clues about its future plans. Markets expect a hike in December.
Crude prices jumped more than one per cent as results from Israel’s general election rolled in.
While polls appeared to show Netanyahu’s governing Likud and the opposition neck and neck, the prime minister vowed to form a new coalition, adding that he could work with US President Donald Trump to eliminate the “existential threat” posed by Iran.
His comments came after opposition candidate Gadi Eisenkot said the country had chosen change and that he would seek to form a new administration. — AFP
Date: 28 October, 2026 12:10 pm
Source: Malay Mail
💬 Join the Conversation! 💬
We’ve disabled comments on our posts and pages to keep the discussions organized and lively! But don’t worry – the conversation isn’t over. Head over to our forum and share your thoughts, ideas, and feedback with the community! It’s the perfect place to connect, learn, and engage with others who care about the same things. We can’t wait to hear from you!