Apex Securities Bhd head of research Kenneth Leong said he believes related counters will be in the spotlight for the short term. “The longer term is still dependent on movements of other large-cap technology stocks listed on Wall Street as well as the pace of the semiconductor industry recovery,” he said.

He expects a surge in US tech stocks in 2024, driven by companies increasing their commitment to resources for AI.

“Tech firms’ earnings are expected to see a sequential quarter-on-quarter improvement in line with the recovery in global semiconductor sales, coupled with the revolution of technology advancements such as big data, AI, cloud computing, blockchain, cybersecurity, and the Internet of Things,” he noted.

Huang is also reported to have visited Singapore to “potentially announce some large investments” for the neighbouring country.

At home, semiconductor firms Vitrox was two sen higher at RM7.07, KeyASIC bagged half-a-sen to 7.5 sen while KESM lost 15 sen to RM6.85 at 10.25am.

Software companies Willow and Opensys were half-a-sen higher each at 34.5 sen and 35 sen, respectively, while technology equipment provider Edaran rallied 5.5 sen to 78 sen.