TOKYO, June 25 (Reuters) - Japan's Nikkei share average
jumped more than 3.5% on Thursday as AI-related shares surged
after U.S. memory chipmaker Micron's upbeat quarterly profit and
revenue forecast.
The Nikkei was up 3.72% at 71,754.53, as of 0159
GMT, set to snap two consecutive sessions of declines, if the
current momentum holds. The broader Topix rose 1.34% to
4,016.71.
The recent downturn in tech-heavy Nikkei followed a sharp
decline in semiconductor firm SK Hynix earlier this
week.
Micron, a key supplier for Nvidia AI
processors alongside South Korean chipmakers, forecast quarterly
profit and revenue well above expectations and said customers
had committed $22 billion to secure memory chip supply, sending
its shares surging 12% in after-hours trade on Wednesday.
Shares of SK Hynix, also a supplier to Nvidia ( NVDA ), rose as much
as 11.1% in early morning trade on Thursday.
"The Nikkei's sharp gain is simply due to Micron's
earnings," said Takamasa Ikeda, senior portfolio manager at GCI
Asset Management.
"The U.S. semiconductor index, which is highly
correlated with the Nikkei, will probably rise later in the
day."
On Thursday, chip-testing equipment maker Advantest ( ADTTF )
jumped 11.8% and chip-making equipment maker Tokyo Electron ( TOELF )
was up 7.9%.
Shares of memory maker Kioxia ( KXHCF ) rose 9%.
Makers of AI-data centre materials advanced: Murata
Manufacturing ( MRAAF ) and Taiyo Yuden ( TYOYF ) climbed 6.35%
and 11%, respectively.
Defying the broader strength, energy sectors fell after oil
prices extended declines. The mining sector dropped
3.2%, with Inpex ( IPXHF ) down 3.53%, while oil refiners
edged 0.11% lower.
Japanese shippers also slipped, with Kawasaki Kisen
down 3%, while the sector index lost nearly 2%.
Of more than 1,500 stocks on the Tokyo Stock Exchange's
prime market, 74% rose, 21% fell and 3% were flat.