Global stocks extended a rally as investors flocked back to the artificial intelligence trade and a clutch of upcoming IPOs kept enthusiasm for the technology sector elevated.
MSCI’s Asia Pacific equity index rose 2.5% as tech stocks in the region — seen as the “picks and shovels” of the AI buildout — rallied. South Korea led gains, with the Kospi surging more than 7%.
That helped MSCI’s All Country World Index climb for a second day, following gains in Europe and the US. LG Electronics Inc. and Hyundai Mobis Co. both surged at least 15% in Seoul after Nvidia Corp. CEO Jensen Huang highlighted physical AI and robotics as “the second category” poised to become even bigger.
Chip heavyweight Samsung Electronics Co. climbed 7% to an intraday record after averting a strike.
Nvidia itself didn’t benefit from the mood as its shares fell 1.3% in extended trading, as traders were unimpressed even after results beat estimates.
Share sale news also kept the market interested in tech. SoftBank Group Corp. shares surged 20% in Tokyo after a plan surfaced that OpenAI was preparing to file for an initial public offering. SpaceX also filed for an IPO.
