SK Hynix South Korean shares jump 11% as Asia tech stocks rally

SK Hynix led a broad rally in Asian technology shares on Wednesday, tracking a rebound in U.S. semiconductor names after a sharp sell-off earlier this week.

Shares of the South Korean memory chipmaker jumped over 11% in Seoul, building on previous session's gains. Its rebound comes after the stock suffered its biggest-ever one-day decline on Monday, as investors locked in profits amid growing worries over AI spending.

Domestic rival Samsung Electronics rose 6.8%, while Seoul Semiconductor gained 6.4%.

The rally spread across Japan's chip sector. Advantest climbed 4.2%, Lasertec gained 6.4%, Disco rose 2.8%, while SoftBank Group advanced 0.8%. Tokyo Electron gained 0.9%, although Renesas Electronics slipped 0.2%.

The gains follow a rebound on Wall Street, where semiconductor shares recovered after the previous session's sell-off. The VanEck Semiconductor ETF rose 2.5%, with Micron Technology and Lam Research each climbing about 5%. Applied Materials and Teradyne gained more than 3%.

Despite Wednesday's rebound, some investors warned that enthusiasm around AI-linked hardware stocks is becoming stretched. Jordan Cvetanovski, chairman and chief investment officer at Pella Funds, said demand for AI infrastructure remains strong as companies race to build computing capacity, but signs of speculative excess are beginning to emerge. 

"I'm starting to see some really concerning behavior in markets, he told CNBC's "Squawk Box Asia," adding the volatility lately were "all the classic signs that we are in for a kind of rude shock coming in the AI space."