AI Chipmakers in Korea, Taiwan Drive Asian Stocks to Record

A rally in shares tied to artificial intelligence helped Asia’s stock benchmark wipe out losses sparked by the Iran war and climb back to an all-time high.

The MSCI Asia Pacific Index jumped as much as 2.3% on Monday, the most since April 8, before paring some gains. Tech-heavy benchmarks in South Korea and Taiwan surged more than 4.5% each. The moves came after the S&P 500 Index extended a record-breaking streak Friday to mark a fifth week of gains, following solid earnings from tech mega caps.