MARKETS

Micron shares fell for a second consecutive session as concerns over the cost and sustainability of AI investment overshadowed soaring memory chip prices and industry profits.

Intel shares fell more than 27% after the company forecast weaker fourth-quarter results and a prolonged PC downturn, overshadowing stronger-than-expected profit and rapid data centre growth.

SK Hynix shares fell nearly 7% as a global memory-chip sell-off overshadowed record quarterly results, with investors concerned about AI spending, valuation and future supply risks.

Alphabet shares fell 12.6% in their worst one-day decline after results raised concerns about slowing search growth, surging AI investment, negative free cash flow and broader technology-sector volatility.

CareDx shares climbed nearly 24% after third-quarter revenue rose 39% to $139 million, prompting the transplant diagnostics company to raise its 2026 revenue and adjusted EBITDA forecasts.

Alphabet shares plunged after its third-quarter report showed slower search growth, earnings below expectations and negative free cash flow amid surging investment in AI infrastructure.

Crocs shares jumped nearly 20% after the footwear maker exceeded third-quarter earnings expectations, reported renewed HEYDUDE growth and raised its full-year 2026 forecasts.

Bausch Health shares rose 17% after the drugmaker reported strong third-quarter results, raised its 2026 guidance and reduced net debt, despite future Medicare pricing risks.

South Korean shares fell after the KOSPI briefly exceeded 6,100, as Samsung Electronics' record profit failed to satisfy lofty expectations for its semiconductor division.

Japan's Nikkei climbed 1.1% for a third straight session, led by Advantest after its upgraded forecasts, while investors remained cautious ahead of the Bank of Japan's decision.

Zip shares rose 6.6% to A$1.86, extending their recovery after a fraud-related sell-off, as brokers backed the stock despite ongoing questions about US controls and bad debts.

Neuren Pharmaceuticals shares gained 6.3% as investors focused on potential milestone payments, DAYBUE sales growth, European expansion and upcoming Japanese trial results for trofinetide.

Mesoblast shares jumped 23.4% after quarterly Ryoncil revenue rose 44% to US$28 million and operational cash spending fell 86% to US$2.1 million.

GenusPlus shares rose 4.7% to A$8.41, extending a recovery from their October low despite no new company-specific announcement or clear trigger for the gain.

Lynas Rare Earths shares rose 4.2% after record prices lifted quarterly revenue 55%, despite the result missing expectations and sales volumes falling 17.7%.

GameStop shares rose modestly after recent losses as investors weighed Ryan Cohen's proposed eBay takeover, shareholder support, Wall Street scepticism and weakness in the retailer's core business.

Micron shares rose nearly 5% after SK Hynix reported strong results and said demand for high-bandwidth memory used in AI processors could exceed supply through 2030.

Tesla shares fell after rising on speculation about a possible SpaceX merger. Investors are weighing the uncertain deal alongside weak earnings, high valuations and pressure on vehicle sales.

SK Hynix reported record quarterly results, buoyed by AI data-centre demand, and announced a planned 100 trillion won shareholder-return programme for 2026.

Axogen shares rose nearly 22% after the nerve repair company exceeded third-quarter earnings and revenue expectations, raised its 2026 sales forecast and reported progress on insurance coverage.

Genmab shares rose 16% after encouraging ovarian and colorectal cancer trial results, a JPMorgan upgrade and stronger expectations for its experimental drug pipeline.

Vertiv shares rose nearly 13% after the data-centre equipment maker reported organic orders more than doubling and raised its full-year forecast amid accelerating AI infrastructure demand.

Hayward Holdings shares rose more than 12% after the pool equipment maker exceeded third-quarter expectations, reported stronger profit and raised its 2026 financial outlook.

South Korean shares rallied sharply after SK Hynix reported record third-quarter earnings, announced major shareholder returns and said AI-driven memory demand should outstrip supply through 2030.

Japan's Nikkei 225 gained 1.08% after strong SK Hynix earnings lifted AI-related shares, while investors awaited central bank decisions and assessed currency and earnings risks.

Chinese stocks rebounded after two days of losses, led by technology and robotics shares as strong SK Hynix earnings revived regional enthusiasm for artificial intelligence investments.

NextDC shares rose 9.39% after the data centre operator reported strong covenant compliance and liquidity, easing fears following a profit warning linked to power delays at its M3 Melbourne site.

Iluka Resources shares rose 8.18% after the company reported initial commercial-scale dysprosium and terbium production, progress at its Eneabba refinery and expectations for higher zircon prices.

Data#3 shares climbed nearly 8% after the Brisbane-based IT services company forecast first-half fiscal 2027 pre-tax profit growth of up to 70%.