Asian chip firms lifted by Nvidia forecast but broader markets struggle
Technology stocks surged on Thursday after Nvidia, the world's most valuable company by market value, delivered earnings that more than doubled in the second quarter and forecast further growth. Nvidia's shares jumped over 6% in pre-market trading, bolstering optimism around AI investment. However, the excitement was dampened by persistent US inflation data.
European stocks were mostly lower following a mixed performance in Asia. Asian chip companies, including SK hynix and Samsung, also benefited from the tech rally, with their stocks rising 2.5% and 1.7%, respectively. Despite the positive outlook, investors remain cautious about the long-term return on AI spending. Fed chief Kevin Warsh's speech at the Jackson Hole symposium on Friday will be closely watched for any indications about interest rate policies.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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