South Korean index soared 16% - Biggest 1 day gain in its history

https://apnews.com/article/stock-markets-rates-korea-ai-oil-e31b3a442bcb957a53f1823ef21e73e8 South Korea’s Kospi index jumped more than 16% on Friday, [tracking gains on Wall Street](https://apnews.com/article/stock-markets-rates-korea-ai-oil-99b5702d93a2b5c6e513fb952ccdcc92)as artificial intelligence-related stocks bounced back after losses earlier this week. U.S. futures edged higher and oil prices rose. In early Asian trading, the Kospi surged at the open and ratcheted up, trading 16.5% higher at 6,515.40. Shares of South Korean technology giant Samsung Electronics surged 24.8%, while memory chipmaker SK Hynix soared 27.8%. The Kospi index had sunk more than 17% in the previous three days as investors dumped technology stocks in part over worries about an AI bubble and rising competition from chipmaking and AI rivals in China. The rebound followed Microsoft’s report of stronger than expected profits for the last quarter. Microsoft’s shares soared 15.5% for its best day in nearly 18 years. The strong earnings were taken as a signal that [big spending on AI is translating into profits.](https://apnews.com/article/microsoft-earnings-results-ai-f7dff4fb9d51a2bdec56a13e5da1053d)