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 t

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.