Chipmaker Earnings Fuel Asian Market Rally

The MSCI Asia-Pacific index outside Japan climbed 1.3% in early trading, buoyed by Micron’s announcement of $22 billion in memory chip commitments and Qualcomm’s aggressive $15 billion revenue forecast for its data center segment by 2029. Japan’s Nikkei index jumped more than 2%, while South Korea’s KOSPI outperformed the region with a 5.5% increase. Futures for the Nasdaq followed suit, rising 1.8%.

Despite the positive momentum, IG analyst Tony Sycamore cautioned that the sector remains sensitive to valuation concerns and ongoing volatility. Outside the tech sphere, energy markets signaled a shift as oil prices retreated. Tankers departing the Strait of Hormuz following a new accord between the U.S., Israel, and Iran eased supply anxieties, potentially altering the inflation outlook and the Federal Reserve’s interest rate trajectory.