{
  "id": 15842579,
  "title": "AI stocks roar back across Asia, lifting Seoul and Tokyo markets",
  "url": "https://urgent.news/2026/10/21/ai-stocks-roar-back-across-asia-lifting-seoul-and-tokyo-markets",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-21T03:26:26.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/money/2026/10/21/ai-stocks-roar-back-across-asia-lifting-seoul-and-tokyo-markets/239988"
  },
  "original_language": "en",
  "account": "Asian markets experienced a significant rebound on October 21 as technology firms, particularly those involved in the AI buildout, enjoyed a much-needed recovery. Investors were buoyed by positive earnings reports that lifted sentiment prior to a crucial reporting season. South Korea's SK hynix and Samsung both surged by at least 7%, while Kioxia, Advantest, and SoftBank saw gains of 2-4% in Japan. These companies had previously suffered substantial losses since the beginning of the previous week. The market rally was fueled by Elon Musk's SpaceX, which reported its first quarterly profit as a public company. The company's net profit for July-September was $4.4 billion, more than double the expected amount, compared to a loss of $1.1 billion a year earlier. Revenue at SpaceX jumped 161% to $14.6 billion. Musk also expressed support for a potential merger between SpaceX and Tesla, which would be the largest merger in history. Server-maker Super Micro Computer contributed to buying sentiment with better-than-forecast preliminary quarterly earnings. This development eased concerns among traders about the outlook for the AI boom, which has seen companies invest billions in R&D, software development, data centers, and hardware. Strong earnings and positive corporate updates are helping to alleviate some of the AI-related anxiety that has emerged in recent sessions. If reports from Magnificent Seven members Tesla and Meta later in the day also deliver strong results and guidance, it could reignite broader AI enthusiasm and provide sustained momentum to the sector. Seoul's Kospi index surged more than 4%, with infrastructure firm Elice rising around 30%, nearly erasing the significant losses it incurred on its trading debut. Tokyo climbed more than 1%, while Hong Kong, Singapore, Wellington, Manila, and Jakarta also saw gains. However, Sydney experienced losses, with data center developer NEXTDC dropping more than 40% after reducing its outlook and renewing its capital expenditure program. The broad gains followed a solid day on Wall Street, though analysts noted that much of the rally was driven by traders shifting their investments towards industrial firms from the once-dominant tech sector. The Dow Jones Industrial Average ended up 1%, while the Nasdaq was slightly lower. Oil prices surged more than 1% due to supply concerns, following the UK Maritime and Handicraft Ministry's report of a tanker being struck by multiple projectiles off the coast of Qatar. The incident, which occurred around 500 kilometers from the Strait of Hormuz, has been attributed to Iran, which has blockaded the strait since late February and has fired on vessels suspected of unauthorized crossings. The British agency did not specify the origin of the ship. Chinese battery giant CATL saw a 10% decline in Hong Kong after its profit growth for July-September fell short of estimates.",
  "summary": "HONG KONG, Oct 21 — Asian markets rallied today as tech firms enjoyed a much-needed rebound, with investors taking...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}