Nikkei rises as AI stocks rebound
TOKYO, June 25 (Reuters) - Japan's Nikkei index jumped more than 3.5 percent on Thursday, with shares of artificial intelligence-related companies rising after U.S. memory chip maker Micron issued a positive forecast for quarterly earnings and revenue.
The Nikkei rose 3.72 percent to 71,754.53 points by 01:59 GMT, which would halt a two-session losing streak if the current momentum continues. The broader Topix index advanced 1.34 percent to 4,016.71 points.
The Nikkei, which is dominated by the technology sector, has declined over the past two days, following a sharp drop in shares of semiconductor company SK Hynix earlier this week.
Micron, a major supplier of AI processors to Nvidia and South Korean chipmakers, forecast quarterly earnings and revenue far above expectations, and said customers had committed $22 billion to memory chip supplies, sending its stock up 12 percent in after-hours trading Wednesday.
Shares of SK Hynix, which is also a supplier to Nvidia, rose as much as 11.1 percent in early trading on Thursday.
Shares of Advantest, a maker of chip testing equipment, jumped 11.8 percent, and shares of Tokyo Electron, a chip-making equipment manufacturer, gained 7.9 percent.
Shares of memory chip manufacturer Kioxia rose nine percent.
Shares of AI data center materials manufacturers rose, with Murata Manufacturing and Taiyo Yuden shares increasing 6.35 percent and 11 percent respectively.
The energy sector bucked the trend, declining as oil prices continued to fall. The mining sector lost 3.2 percent, with Inpex shares dropping 3.53 percent, and the oil refining index slipping 0.11 percent.
