AI Optimism Drives Korean Stocks to Record | The Asia Trade 4/23/2026
Speakers
Tom Kang
— Head of Content, Messari
Karen Young
— Senior Research Scholar, Columbia University
Summary
The episode covers Asian markets opening higher, led by Korean and Japanese tech stocks on the back of record SK Hynix earnings driven by AI chip demand. Oil prices remain elevated due to the ongoing stalemate in the Strait of Hormuz, with no clear timeline for a ceasefire. Interviews with analysts highlight the continued strength of the AI infrastructure trade and the risks of a prolonged energy crisis.
- SK Hynix reported a fivefold profit jump and record revenue, driven by AI chip demand and pricing power.
- Samsung Electronics hit a record high, benefiting from the AI semiconductor boom.
- Tesla earnings beat expectations but shares fell on a higher-than-expected $25 billion capex plan.
- Oil prices remain around $100/barrel as the U.S.-Iran standoff in the Strait of Hormuz continues without a deadline.
- Goldman Sachs asset management sees continued opportunity in AI infrastructure and battery stocks.
- Analysts warn that the narrow market leadership in tech is risky and could unravel if oil spikes further.
- South Korea's GDP beat estimates, fueled by AI export growth, but consumer confidence fell due to political and energy concerns.
- Japan's Nikkei rose above 60,000 for the first time, supported by semiconductor stocks and a weak yen.
Trade Ideas
AI demand gives SK Hynix pricing power
SK Hynix is benefiting from the AI infrastructure build-out by hyperscalers, driving demand for high-bandwidth chips and creating a shortage in traditional chips, giving the company immense pricing power. This led to a record net income, operating profit, and revenue, with average selling prices continuing to rise.
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