Japan’s Nikkei share average increased by over 4% on Thursday, achieving a record closing high, driven by a surge in AI-related stocks following the positive quarterly profit and revenue forecast from U.S. memory chipmaker Micron. The Nikkei closed 4.6% higher at 72,366.34, snapping two straight sessions of declines. The broader Topix rose 1.33% to 4,016.47. Micron, a key supplier for Nvidia AI processors alongside South Korean chipmakers, forecast quarterly profit and revenue well above expectations and stated that customers had committed $22 billion to secure memory chip supply. “The Nikkei’s sharp gain is simply due to Micron’s earnings,” said Takamasa Ikeda. The U.S. semiconductor index, which is highly correlated with the Nikkei, will probably rise later in the day.

On Thursday, SoftBank Group reversed course to jump 8%. “Investors tried to lock in profits in technology stocks in the previous session ahead of Micron earnings, but they scooped up the shares today, and SoftBank Group was one of them,” stated Daisuke Hashizume. Chip-testing equipment manufacturer Advantest experienced a notable increase of 15%, while chip-making equipment producer Tokyo Electron saw a rise of 7.78%. Memory chipmaker Kioxia advanced 12.27%. Makers of AI-data centre materials advanced: Murata Manufacturing and Taiyo Yuden climbed 7.21% and 11.2%, respectively.

In contrast to the overall market’s robustness, energy-related stocks experienced a downturn as oil prices continued their downward trajectory. The mining sector experienced a decline of 3.18%, with Inpex 1605 decreasing by 3.35%, while oil refiners saw a reduction of 1.38%. Japanese shippers MMT experienced a decline of 2%, while Kawasaki Kisen 9107 saw a decrease of 3.87%.Of the more than 1,500 stocks on the Tokyo Stock Exchange’s prime market, 66% experienced an increase, 30% saw a decline, and 3% remained unchanged.