Asian markets rebound, adding nearly one trillion dollars in a single day on strong AI earnings

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Asian stock markets staged a powerful recovery on Friday, gaining nearly one trillion US dollars in a single session after artificial intelligence earnings from Microsoft and Amazon restored confidence. Microsoft added roughly 450 billion US dollars in market value, driven by cloud revenue growing 27 percent to 593 billion US dollars, while Amazon surged nearly 10 percent after AWS posted its fastest growth in 18 quarters. Semiconductor stocks led the rally, with South Korea's KOSPI index soaring 17.9 percent, its largest single-day gain on record. SK Hynix jumped 30 percent, hitting its daily limit, and Samsung Electronics climbed 27 percent. Taiwan's TAIEX index rose more than 8 percent, with TSMC up 10 percent, while Japan's Advantest surged nearly 18 percent. Despite the sharp rebound, the KOSPI still closed July down 22.19 percent, its worst monthly performance since the 1997 Asian financial crisis, and remains nearly 30 percent below its June peak. Analysts at Bull Theory noted that this correction was the fastest among the last four major ones, falling 41 percent in 40 days. The return of confidence may also lift cryptocurrencies, with Bitcoin trading near 63,779 US dollars, down 0.68 percent, and Ethereum around 1,888 US dollars, down 1.2 percent.