Asian stocks rise as Nvidia-backed CoreWeave rallies; Kospi up 4.6%

Asian markets experienced a rise on Tuesday, driven by strong performance from technology stocks, particularly those related to artificial intelligence. The Kospi Index, a key indicator of AI investments, surged 4.6 percent, with Samsung Electronics and SK Hynix both jumping over 7 percent. The MSCI's Asia Pacific equities gauge also climbed 0.7 percent, propelled by gains in semiconductor and other technology stocks.

S&P 500 futures rose 0.1 percent, while Japan's Topix gained 0.6 percent and Australia's S&P/ASX 200 fell 0.7 percent. Hong Kong's Hang Seng dropped 1.2 percent, and the Shanghai Composite increased by 0.3 percent.

CoreWeave, a company backed by Nvidia, saw its shares surge 16 percent in extended trading following robust AI spending and stronger-than-expected sales growth. Super Micro Computer also rallied 7.6 percent after surpassing revenue estimates, contributing to a 0.3 percent advance in Nasdaq 100 futures contracts.

Christina Woon, a portfolio manager at Eastspring Investments, noted that the recent earnings season has provided comfort, especially in the tech sector. Crude oil prices climbed 1.2 percent to US$90 a barrel, extending its winning streak to six days, due to uncertainty over the Middle East negotiations and a hardened stance from both the US and Iran.

The US dollar weakened against most G10 currencies, while Treasuries steadied with the benchmark 10-year yield remaining at 4.69 percent. Gold recovered from Tuesday's losses, gaining 0.7 percent to around US$4,400 an ounce.

Analysts emphasized that earnings will be crucial for the tech sector, with the internet sector outperforming mainly due to valuation recovery. The upcoming US inflation data will be pivotal for the Federal Open Market Committee (FOMC) meeting in September, with a softer reading potentially easing concerns about rate hikes.