MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 1.6%

Asian share markets firmed on Monday as the boom in AI continued ​to drive demand.

While uncertainties remain, the acute risk phase for the global economy should be over if tankers can begin moving again, said Michael ​Feroli, head of U.S. economics at JPMorgan.

Still, not everything would return to its pre-conflict place – oil prices are likely to remain ⁠elevated for some time, as inventories get rebuilt and the supply infrastructure in the Middle East is repaired, Feroli said.

Indeed, the lack of news nudged Brent up 2.1% to $93.02 ​a barrel.

Asian share markets remain underpinned by demand for semiconductors and AI-related gear, with Nikkei up a further 1.1%, having increased nearly 5% last week to all-time highs.

Chinese blue chips slipped 0.3%, having been restrained recently by a lacklustre economy, with a survey showing factory activity stalled in May.

South Korea advanced 4.4%, after surging 8% last week, while Taiwan jumped nearly 6% last week. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 1.6%.

Shares in Samsung Electronics climbed nearly 10% on Monday adding to gains on Friday after it said it had started shipping samples of its latest high-bandwidth memory (HBM) chip to customers.

The power of the AI rush ​was underlined by data showing South Korea’s exports grew at the strongest annual rate in more than four decades in May to hit a record $87.75 billion.

Nvidia boss Jensen ​Huang kicks off the Computex trade show in Taiwan on Monday with a speech about AI in which he is expected to expound on his company’s latest product efforts as well ‌as the ⁠region’s role in the industry.