Business · CNBC Technology
Asian tech stocks surge as U.S.-Iran cease fire ease Hormuz disruption worries
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Asian technology and semiconductor stocks surged on Wednesday after the U.S.
Key facts
- South Korean memory chip leader SK Hynix surged more than 15%, while Samsung Electronics advanced more than 9%
- Advantest jumped over 13%, while Renesas Electronics, a key Nvidia supplier, added 12%
- Taiwan Semiconductor Manufacturing Company, the world's largest contract chip manufacturer, was up 4.84%
- Japanese semiconductor equipment maker Tokyo Electron climbed 9.6%
Summary
Asian technology and semiconductor stocks surged on Wednesday after the U.S. and Iran agreed to a conditional two-week ceasefire that includes a temporary reopening of the Strait of Hormuz. The news sent major indexes in Asian markets soaring, with chipmakers — which are highly sensitive to global trade flows and energy costs — leading the rally. Taiwan Semiconductor Manufacturing Company, the world's largest contract chip manufacturer, was up 4.84%. Japanese semiconductor equipment maker Tokyo Electron climbed 9.6%. South Korean memory chip leader SK Hynix surged more than 15%, while Samsung Electronics advanced more than 9%.