Asian stocks rose after a rally in chip shares revived confidence in the artificial intelligence trade. The yen held onto its gains after authorities stepped in once again to try and prop up the nation’s sagging currency.
South Korea’s Kospi Index — a bellwether for AI investments — soared over 14%, rebounding from a three-day selloff, with chip majors SK Hynix Inc. and Samsung Electronics Co. surging. With shares in Japan also gaining, the regional MSCI Asia Pacific gauge climbed for a second day.
