A record-breaking global stock rally stretched into Asia, with equities advancing after OpenAI’s agreement with South Korean chipmakers reinforced enthusiasm for artificial intelligence.
The MSCI Asia Pacific Index rose 1%, trading above a record close reached last month, with chip-related technology stocks leading the charge.
Samsung Electronics Co. advanced 4.5% and SK Hynix Inc. jumped 11% after signing an agreement with OpenAI’s Stargate project, sending South Korean shares to an all-time high.
The moves came after peaks for the S&P 500, Nasdaq 100 and MSCI’s gauge of global stocks.
Equity-index futures for the US and Europe indicated further gains. OpenAI also completed a share sale at a record $500 billion valuation, vaulting the ChatGPT-maker as the world’s most valuable startup.
The artificial intelligence boom and billions in corporate investment have been key drivers of the stock rally to record highs after April’s slump.
Investors have also shrugged off the political impasse in Washington that has led to the first government shutdown in seven years and threatens to obstruct crucial economic data the Fed needs for its interest-rate decisions.
