Tech Firms Rally as US Inflation Data Looms
Asian markets were mixed on Monday as tech firms rallied ahead of key events including US inflation data and Oracle earnings. The gains came despite a forecast-busting jobs reading that increased bets for a September interest rate hike from the Federal Reserve.
The latest boost to tech stocks came after OpenAI announced it would roll out its new AI model, GPT-6, also known as Astra, to select customers. Investors are looking forward to Oracle's earnings release on Thursday for insight into the outlook for the AI boom.
South Korea's Samsung and SK hynix soared four and six percent respectively, while Kioxia, Tokyo Electron, and Advantest rallied between five and 7.5 per cent in Japan. However, Hong Kong, Singapore, Wellington, and Manila fell, with Shanghai remaining flat.