Global stock markets advanced for a second consecutive day, as investors returned to artificial intelligence-related trades and a pipeline of upcoming initial public offerings continued to fuel investment enthusiasm for the technology sector. The MSCI All Country World Index rose by 0.5%, with Asian equities surging 2.7%. Within the region, technology stocks, seen as upstream beneficiaries of AI infrastructure development, recorded their largest weekly gain in six weeks. South Korea's benchmark KOSPI index surged as much as 7.8%, marking its biggest single-day gain since early April. Following remarks from Nvidia CEO Jensen Huang about significant potential growth in physical AI and robotics, shares of LG Electronics and Hyundai Mobis in Seoul soared over 10% each. Samsung Electronics, having successfully resolved its labor strike, saw its stock price jump nearly 8%. Despite Nvidia reporting earnings that exceeded market expectations, its shares fell 1.3% in after-hours trading, missing out on the broader market rally. News of equity financing in the tech sector also captured market attention. Reports that OpenAI is preparing to file for an initial public offering sent shares of SoftBank Group in Tokyo soaring 20%, while SpaceX also initiated its own listing process.
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