With Middle East tensions starting to flare up again, oil prices are hovering around $90.
South Korean stocks enjoyed a much-needed rally Thursday after a two-day rout as chip giant Samsung reported an eye-watering profit surge thanks to AI-driven demand, though the rest of Asia was mixed and oil held steep gains on fresh Middle East worries.
Seoul's Kospi has been hammered since hitting a record high last month and the painful sell-off in its chip giants SK hynix and Samsung echoed a global tech retreat as traders question the vast sums pumped into AI, and when or if they will see returns.
However, analysts point out that while the sell-off reflected concerns about the spending, the artificial intelligence sector remained solid.
Optimism got a boost Thursday as Samsung posted a 1,813 percent jump in second-quarter operating profit, buoyed by sustained AI-driven demand for memory chips.
