Asian Stocks Climb, Nvidia Pares Earlier Gains: Markets Wrap
(Bloomberg) — Asian shares climbed for a fourth day as recent turmoil sparked by concerns over the impact of artificial intelligence subsided, though gains were tempered by a muted response to Nvidia Corp.’s upbeat sales forecast.
The MSCI Asia Pacific Index rose 1% to another all-time high, with South Korea’s Kospi Index — a bellwether for AI investments — jumping 1.9% to a record. Nvidia’s shares erased earlier gains in extended trading, even after the chipmaker forecast first-quarter revenue between $76.4 billion and $79.6 billion, topping estimates of $72.8 billion.
US equity-index futures were also a touch weaker after the underlying gauges rallied on Wednesday. Elsewhere, the dollar weakened for a second day, while Treasuries broadly held their losses from the prior session. Gold edged up and Bitcoin fell to trade around $68,300.
Wall Street benchmarks rallied Wednesday, with investors looking to Nvidia’s outlook to reinvigorate the AI trade and ease concern that valuations have run ahead of fundamentals. Asian chipmakers, at the heart of the AI supply chain, stand to benefit if the build-out remains intact, bolstering the region’s semiconductor earnings outlook and lending support to broader equity markets.
“Nvidia’s blowout earnings should offer Asia — especially Japan, Korea and Taiwan’s AI-linked names — a firm fundamental anchor and a welcome sigh of relief,” said Hebe Chen, senior market analyst at Vantage Global Prime. “Yet the after-hours seesaw shows this market is now trading for ‘more than great,’ demanding renewed acceleration rather than mere confirmation.”
After a remarkable run of sales growth, which turned Nvidia into the world’s most valuable company, investors have proven harder to satisfy. Nvidia signaled that concerns about an overheated AI economy will continue to dog the company.
Though the average Wall Street estimate was $72.8 billion, some analysts had projected numbers approaching $80 billion, according to data compiled by Bloomberg.
Investors have been so sensitive that a report from a little-known firm called Citrini Research outlining the potential AI risks to various industries — using hypothetical scenarios set in the future — jolted markets earlier this week. The disruptive potential of the technology has roiled stocks across sectors for weeks in what’s become known as the “AI scare trade.”
Wolfe Research conducted a poll that suggests most investors bet the AI “wrecking ball” that’s roiled markets is largely “overblown,” said Chris Senyek. However, participants viewed the “broadening out” trade as alive.
What Bloomberg strategists say…
Nvidia’s much-anticipated earnings were solid, but some on Wall Street were disappointed about the lack of details on the outlook and what’s driving it. While this should temper some AI-related anxiety, concerns about competition and the sustainability of infrastructure investments will linger.
— Tatiana Darie, MLIV. For full analysis, click here.
Asia, however, avoided much of the volatility and gauges in the region have outperformed those in the US and Europe. Traders have piled into chipmakers such as Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co., viewing them as the “picks and shovels” of the AI supply chain.
Elsewhere, President Donald Trump will sign a directive in the coming days raising his global tariff to 15% “where appropriate” and is seeking “continuity” with nations that struck trade deals, US Trade Representative Jamieson Greer said.
Corporate Highlights:
Salesforce Inc. gave a lukewarm outlook for sales growth in the new fiscal year, fueling Wall Street’s worries that the software giant will lose out to new competitors in the age of AI. Qantas Airways Ltd. said profit climbed as new and less fuel-hungry Airbus SE aircraft increasingly replaced the airline’s aging domestic fleet. Lowe’s Co.’s sales guidance for the full year fell short of expectations, a sign the housing market will remain lackluster in the near term. First Solar Inc. issued a 2026 sales forecast below analysts’ estimates. Intuitive Machines Inc. announced a $175 million strategic equity investment to support projects such as an expansion into technology for orbital data centers. Some of the main moves in markets:
Stocks
S&P 500 futures fell 0.1% as of 9:47 a.m. Tokyo time Hang Seng futures rose 0.7% Nikkei 225 futures (OSE) rose 0.4% Japan’s Topix rose 1.4% Australia’s S&P/ASX 200 rose 0.6% Euro Stoxx 50 futures were little changed Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro was little changed at $1.1819 The Japanese yen rose 0.2% to 155.98 per dollar The offshore yuan was little changed at 6.8533 per dollar The Australian dollar was little changed at $0.7127 Cryptocurrencies
Bitcoin fell 1% to $68,239.63 Ether fell 1.9% to $2,061.25 Bonds
The yield on 10-year Treasuries was little changed at 4.05% Japan’s 10-year yield advanced two basis points to 2.160% Australia’s 10-year yield declined one basis point to 4.71% Commodities
West Texas Intermediate crude rose 0.5% to $65.74 a barrel Spot gold rose 0.4% to $5,187.81 an ounce This story was produced with the assistance of Bloomberg Automation.
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