Asian markets climb after strong results from chipmaker Micron

Asian stock markets experienced a significant upswing in early Thursday trade, largely driven by the robust earnings report from U.S. semiconductor giant Micron. The positive sentiment rippled across the region, with major indices showing substantial gains.

Tokyo's Nikkei 225 index climbed 2.31 percent by mid-morning. Meanwhile, Seoul's benchmark Kospi index saw a dramatic surge of 5.65 percent. Investors closely watched Micron's financial results, released Wednesday, which revealed a fourfold increase in quarterly revenue compared to the previous year. This performance was seen as a key indicator of demand within the technology sector and the sustained momentum of the artificial intelligence rally.

Micron's optimistic outlook further fueled market confidence. The company projected revenue of approximately $50 billion for the current quarter, which would mark another record high. This forecast suggests continued strong demand for the company's products, particularly in the burgeoning AI market.

Adding to the positive momentum in Seoul, SK Hynix announced on Wednesday its plan to raise $29 billion through a listing on the Nasdaq. This news sent its share price soaring by 11 percent in early trading on Thursday, before a slight moderation.