South Korean stocks soared by more than 5 percent Thursday, briefly topping the 9,000-point level again, driven by a tech rally ignited by U.S. chip giant Micron Technology’s expectation-beating earnings report. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 459.28 points, or 5.42 percent, to close at 8,930.30, following a 3.26 percent gain the previous day.

The index briefly topped the 9,000-point threshold, rising as high as 9,044.04.

Finishing at an all-time high of 9,114.55 on Monday, the KOSPI has remained in the 8,000-point range since it dived 9.99 percent Tuesday.

The index pulled off a strong start, with a buy-side sidecar issued shortly after the market opened, as Micron, the world’s No. 3 memory chipmaker, released its stronger-than-expected quarterly earnings, brushing off lingering concerns about the sustainability of an artificial intelligence (AI) rally.

Micron is a major beneficiary of the AI infrastructure spending boom along with Samsung Electronics and SK hynix thanks to rising demand for memory chips and high-bandwidth memory (HBM).

Trade volume was heavy at 449.3 million shares worth 50.4 trillion won (US$32.7 billion), with losers beating winners 588 to 289.

Institutions purchased a net 3.3 trillion won worth of stocks, while foreigners and individuals dumped a net 819.7 billion won and 2.5 trillion won, respectively.

“Micron’s strong financial report pushed up semiconductor shares here,” Kim Seok-hwan, an analyst at Mirae Asset Securities, said. “Airline shares also rose as the Strait of Hormuz seemed to reopen and global oil prices dropped.”

Samsung Electronics, the world’s largest memory chipmaker, jumped 5.29 percent to 358,500 won, and No. 2 SK hynix surged 13.06 percent to 2.9 million won.

SK Square, the parent of SK hynix, advanced 5.56 percent to 1.9 million won, and Samsung C&T, which holds a stake in Samsung Electronics, soared 7.79 percent to 519,000 won.

Flag air carrier Korean Air vaulted 6.4 percent to 29,100 won, and Asiana Airlines mounted 6.2 percent to 7,710 won.

Brokerages were also strong as Samsung Securities rose 3.07 percent to 110,800 won, and Kiwoom Securities gained 7.48 percent to 337,500 won.

The Korean won was quoted at 1,542.7 won per U.S. dollar as of 3:30 p.m., down 0.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 1.5 basis points to 3.757 percent, and the return on the benchmark five-year government bonds declined 2.2 basis points to 3.992 percent.

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