Chinese shares again rose on Thursday, driven by a rally in technology stocks stemming from U.S. memory chipmaker Micron Technology's upbeat outlook.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.2% to 4,120.28. The Shenzhen Component Index jumped 1.8% to 16,344.08.
The SSE STAR 50 Index, the benchmark for the 50 largest science and technology companies on the Shanghai bourse, closed 4% higher on the back of optimism over the sustained demand for artificial intelligence-related chips.
Micron, which supplies Nvidia's AI chipsets, on Wednesday issued quarterly guidance well above Wall Street estimates and disclosed US$22 billion in customer commitments to lock in memory chip inventories, Reuters reported. The news sent its stock soaring 12% after hours.
The bullish forecast reinforced the view that AI-driven memory chip demand remains resilient, despite lingering jitters over heavy AI infrastructure outlays, according to the report.
Meanwhile, China's Ministry of Commerce rolled out new regulations for investigating industrial and supply chain security, in a bid to protect global supply chain stability. The 22-article framework lays out scope, procedures, and remedies for security probes, giving businesses a transparent rulebook to follow.
In company news, Advanced Micro-Fabrication Equipment China (SHA:688012), or AMEC, raised net proceeds of approximately 1.49 billion yuan from a share placement, which is part of the company's plan to acquire 64.69% of AMEC Zhonggui (Hangzhou) Electronic Technology. Shares of the chip gear maker closed 4% higher Thursday.