KOSPI jumped about 13% early Friday, triggering a buy-side curb that suspended
programmatic buy orders, and later extended gains to roughly 15%. Samsung
Electronics rose ~21% and SK Hynix ~26%. Future Asset researcher Kim Juyeon said
the immediate catalyst was Microsoft’s after-hours earnings, where
stronger-than-expected core results validated larger capex and eased concerns
about the sustainability of AI-infrastructure investment, sparking a chip-led
rally. Market participants also interpret that hedge-fund liquidations that had
amplified recent downside are largely winding down and deleveraging is near
completion, restoring risk appetite. Kiwoom Securities researcher Han Jiyoung
said forced selling by leveraged funds drove the prior slide in semiconductor
names; with major funds unwinding, stocks such as Micron and SanDisk rebounded
sharply.
