Asian stocks surge as Micron's revenue jump boosts tech shares

Asian stock markets experienced a powerful rebound on Thursday, with South Korea's KOSPI index soaring over 6% to approach 9,000 points and Japan's Nikkei 225 jumping more than 2,000 points. This surge was largely inspired by Micron Technology's stellar quarterly earnings report.

Micron Technology announced its fiscal third-quarter revenue had quadrupled year-over-year, reaching $41.46 billion, a significant leap from $9.3 billion in the same period last year. This impressive performance, driven by sustained demand for memory chips amid the AI boom, propelled Micron's stock up by over 15% in after-hours trading.

The positive momentum from Micron's results quickly spread across Asian markets. South Korea's market saw substantial gains, with SK Hynix climbing over 10% and Samsung Electronics rising more than 5%. The benchmark KOSPI index opened higher and continued its upward trajectory, ultimately gaining 6.03% for the day. Similarly, the Japanese Nikkei 225 broke the 70,000-point mark, closing with a gain of over 2.9%.