Global AI Stocks Rebound, Europe Stoxx 600 at Record, KOSPI Surges 17.91%, EU Announces 10 Billion Euro AI
Global AI-related stocks rebounded from the US to Asia and Europe, with the Stoxx 600 hitting an all-time high. The EU Commission launched a tender for up to seven AI supercomputers, signing letters of intent with AMD, Nvidia, and Qualcomm. South Korea's KOSPI surged 17.91%, its biggest single-day gain, as SK Hynix rose 30% and Samsung Electronics gained 26.81%. Japan's Nikkei 225 rose 4%.
Global AI-related stocks began a rebound in the United States that spread to Asian and European markets. European equities hit an all-time high during the session, buoyed by renewed global investor interest in technology stocks. In a week packed with central bank decisions and heightened Middle East tensions, corporate earnings provided market support.
The STOXX 600 technology index rose 1.68%, with intraday gains reaching 2.2%, tracking Asian tech stocks as demand for AI-linked shares recovered from earlier in the week. French semiconductor materials leader Soitec surged more than 7%, at one point gaining over 9%. German power semiconductor leader Infineon rose nearly 6%, briefly exceeding 7%. Lithography giant ASML added more than 2%, with an intraday gain of nearly 4%.
The UK's FTSE 100 rose 0.69%, France's CAC 40 gained 0.77%, and Germany's DAX advanced 0.89%. On July 30, the European Commission announced a tender to build up to seven AI supercomputers across Europe. The Commission said it had signed letters of intent with AMD, Nvidia, and Qualcomm to ensure the AI supercomputer consortiums can smoothly access the necessary hardware.
International oil prices fell more than 1%, with Brent crude holding below $90 per barrel. Although there was no major breakthrough in the US-Iran conflict, market concerns eased due to signs of a recovery in crude shipments through the Strait of Hormuz. Overnight, US AI-concept stocks led by chipmakers rebounded, with the iShares Semiconductor ETF surging more than 8% on the day.
Optimism spread to Asian markets. South Korea's KOSPI index closed up 17.91%, its largest single-day gain on record. SK Hynix hit the daily limit of 30%, a first in its history. Samsung Electronics rose 26.81%, pushing its market capitalization back above $1.2 trillion. Japan's Nikkei 225 closed 4% higher at 64,362.02 points, while SoftBank shares ended nearly 14% higher, briefly rising 15% to hit the daily limit.