AI boom drives a rally in buying of tech shares, pushing South Korea's Kospi to a record
South Korea's Kospi soared nearly 7% to a fresh record as Samsung Electronics' stock jumped 14% driven by expectations of strong growth in artificial intelligence. The S&P 500 climbed 0.8% to top its prior all-time high, closing at 7,259.22.
South Korea's Kospi surged 6.5% to 7,384.56 after being closed on Tuesday for a holiday. Samsung Electronics' stock jumped 14% and SK Hynix rose nearly 11%, driven by expectations of strong AI growth. Other Asian markets mostly rose, with Australia's S&P/ASX 200 gaining 1.3% and Hong Kong's Hang Seng rising 1.1%. The S&P 500 climbed 0.8% to top its prior all-time high. US crude slipped $3.39 to $98.88 a barrel, and Brent crude lost $3.13 to $106.74 a barrel. The Nasdaq composite set a record, rallying 1% to 25,326.13.
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