On the first trading day of Q4, the Hang Seng Index rose by 3.36%, semiconductor stocks surged, with SMIC up over 12% hitting a record high, KUAISHOU up over 8%, and Alibaba rising over 4% during the session

On October 2nd, Hong Kong stocks fluctuated upward throughout the day. By the close, the Hang Seng Index rose by 1.61%, and the Hang Seng Tech Index increased by 3.36%.

In the market, sectors such as technology stocks and chip stocks generally rose. Among them, chip stocks surged across the board, with SMIC rising over 12% to reach a historical high. Kuaishou rose over 8%.

Chip Stocks Explode Across the Board

SMIC rose over 12% to reach a historical high, ChipMOS Technologies rose over 10%, Hua Hong Semiconductor rose over 7%, and GlobalWafers rose nearly 7%.

In terms of news, according to Securities Times, Samsung Electronics and SK Hynix have reached an agreement to supply storage chips for OpenAI's "Stargate" project. OpenAI will also collaborate with these two Korean companies to build two data centers, creating a Korean-style "Stargate," which has driven technology stocks higher.

It was reported that on the same day, Samsung Group signed a memorandum of understanding with OpenAI regarding global AI core infrastructure construction cooperation, involving four companies: Samsung Electronics, Samsung SDS, Samsung C&T, and Samsung Heavy Industries. Among them, Samsung Electronics will supply high-performance, low-power memory for the "Stargate" project to meet OpenAI's substantial demand for high-performance DRAM storage chips; Samsung SDS will collaborate on the design, construction, and operation of AI data centers based on advanced data center-related technologies and will be the first in South Korea to carry out resale and technical support for OpenAI enterprise services; Samsung C&T and Samsung Heavy Industries will work with OpenAI to promote the development of global AI data centers.

Nonferrous Metal Base Strengthens

By the close, China Silver Group rose over 30%, South Manganese Industry rose over 22%, Tianqi Lithium rose nearly 13%, and Zijin Mining continued its upward trend, closing up nearly 4%.

Technology Stocks Strengthen Collectively

By the close, Alibaba and JD.com rose over 3%, NetEase and Meituan rose over 1%, and Kuaishou rose over 8%.

JP Morgan raised its target price for Alibaba's Hong Kong stock by 45%, from HKD 165 to HKD 240. JP Morgan stated that as Alibaba's image shifts from being a "loser in the domestic e-commerce market share" to a "first-tier asset in China's internet," the growth of its cloud computing and e-commerce businesses is expected to support its higher valuation