Claims about a breakthrough in superconductor technology that could revolutionize the power, transportation and chip industries have sparked surges in some Korean and Chinese stocks even as scientists remain dubious.

Small caps including Duksung Co., Sunam Co. and Shinsung Delta Tech Co. jumped by their 30% daily limits for a second-straight day in Seoul. In China, Jiangsu Fasten Co. and Innovation New Material Technology Co. climbed by their 10% limits for a second session.

Stocks seen as related to the technology have been rising since a July 22 report from South Korean researchers stating that they had synthesized the world’s first superconductor able to conduct electricity at room temperature and ambient pressure. The superconductor utilizes a lead-based material dubbed LK-99.

“If LK-99 is proved to be true and able to be mass-produced, it would be disruptive for a wide range of industries,” Nick Cheng, an analyst at Jefferies Financial Group Inc., wrote in a note. Cables could be made that transmit power without loss, saving energy, and advancements could be made in computer chips, rail transport and medical imaging as well, he said.

Ming-Chi Kuo, an influential analyst at TF International Securities Group Ltd., said that this technology could be a game changer when it becomes commercialized.

Excitement grew further after a video of a team of Chinese scientists replicating the Korean team’s findings went viral. Still, Jefferies’ Cheng notes commercialization seems difficult and LK-99 appears to have insufficient ductility to be made into wires.

“If true, the discovery would be one of the biggest ever in condensed matter physics and could usher in all sorts of technological marvels,” a July 27 report in Science said. But the Korean team’s papers are “short on detail and have left many physicists skeptical,” the report added.

Investors continue to pile in despite the doubts. Outside of Asia, unprofitable American Superconductor Corp. surged by a record 60% Tuesday on volume more than 43 times its daily average.

--With assistance from Jeremy R. Cooke.