South Korea's Kospi Index Surges to Record High Amid Chipmaking Stocks Rally

South Korea's Kospi index saw its largest one-day gain on record after surging 17.9% to 6,695.45, driven by gains in chipmaking stocks. The Kospi had plummeted over 17% in the previous three days due to concerns about an AI bubble and competition from Chinese rivals.

Microsoft's stronger-than-expected quarterly profits sparked a rebound in tech stocks, with shares of Samsung Electronics rising 28% and SK Hynix soaring 30%. The Kospi remains below its June peak of over 9,000.

The dollar fell sharply against the Japanese yen overnight before bouncing back to 160.53 yen after suspected intervention by regulators in Japan and the US.