Asian tech stocks rise as Micron’s AI demand outlook lifts markets

  • Micron’s earnings lifted Asian technology stocks on stronger AI memory demand.
  • $32 billion in long-term supply commitments rose from $22 billion in June.
  • U.S. inflation data lowered October rate-hike odds to 38% from 50%.

Asian technology stocks advanced after Micron reported stronger demand for AI memory chips, with financial commitments under long-term supply agreements rising to $32 billion from $22 billion in June. Japan’s Nikkei gained more than 3%, South Korea’s KOSPI rose 1.7% and Taiwan’s benchmark added 0.8%. U.S. equity futures also moved higher, although European futures and Asian markets with less exposure to AI shares declined. Markets remained cautious as Brent crude rose 42% in the July-September quarter amid stalled U.S.-Iran peace talks and a seven-month war in the Middle East. The resulting inflation concerns contributed to a sharp bond-market selloff, with the U.S. 10-year Treasury yield reaching 5.306%, its highest since mid-June 2007. Softer-than-expected U.S. inflation reduced traders’ expectations for a Federal Reserve rate hike later this month, but elevated long-term yields continued to weigh on borrowing-cost concerns.

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