Chip Makers Lead Global Market Rally Amid Tech Optimism

Market sentiment improved on Friday as chip makers led the charge in equities. Major benchmarks around the world posted gains, driven by optimism from corporate results and a surge in tech stocks. The rally quelled concerns over tech valuations and sustainability of investments in artificial intelligence.

The Dow Jones Industrial Average (US30) rose 0.36% to 52,397.30, while the S&P 500 (US500) gained 0.21% to 7,453.50. The Euro Stoxx 50 index climbed 0.50% to 6,376.35.

South Korea's KOSPI benchmark surged nearly 18%, with Samsung and SK Hynix jumping 27% and 30%, respectively. This outperformance was a notable contrast to the mostly negative performance of cryptocurrencies, which saw Bitcoin drop 1.80% to $63,670.16.

The Dollar Index rebounded after a three-day losing streak, while bond yields hardened across major markets. Crude oil prices rose by less than 2%, and gold slipped more than 1%.