Asian Markets Rally on AI Optimism as SK Hynix, Tech Stocks Surge Ahead of Fed Decision

Asian stocks rose broadly Wednesday, led by technology shares tracking U.S. peers, as investors awaited quarterly earnings from Alphabet and Microsoft and the Federal Reserve's rate decision later in the day. South Korea's Kospi surged 6.63% to 6,012.44, hitting a two-week high, after SK Hynix soared nearly 11% on a more than sevenfold jump in quarterly operating profit and plans to return 100 trillion won ($75 billion) to shareholders. Samsung Electronics climbed 9%. Japan's Nikkei advanced 1.08% to 63,954.19, with Kioxia Holdings up 13.8% and SoftBank Group up 4.7%. China's Shanghai Composite rose 0.91% to 3,681.47, and Hong Kong's Hang Seng edged up 0.23% to 23,094.83. The Fed is expected to hold rates steady despite hotter-than-expected September inflation data. Gold dipped below $4,050 an ounce; Brent crude traded above $115 a barrel, up over 1%.