Asian stocks are mixed after Wall Street losses following economic updates

Asian stocks displayed a mixed performance on Thursday following slight declines on Wall Street, while oil prices experienced a downward trend. U.S. futures showed a higher trend after Nvidia's latest quarterly earnings exceeded Wall Street's expectations due to a surge in demand for its advanced artificial intelligence chips.

In Japan, the Nikkei 225 index experienced a small drop of 0.2%, settling at 66,162.72. SoftBank Group, a multinational investment holding firm that invests in OpenAI, saw a 0.1% increase. South Korea's Kospi index gained 1.5%, reaching 6,909.81. Samsung Electronics, a major market player, witnessed a 2% rise in its shares.

The benchmark Taiex index of Taiwan rose by 0.5%. Hong Kong's Hang Seng index declined by 0.4%, reaching 25,548.83. The Shanghai Composite index of China increased by 0.6% to 3,935.99.

Reports emerged that China's industrial profits growth in July slowed to 11.2%, down from 15.1% in June. The Australian S&P/ASX 200 index fell by 0.9% to 9,041.70. India's Sensex index edged down by 0.1%.

On Wednesday, Wall Street's benchmark S&P 500 saw a decline of less than 0.1%, still near its record high levels. The Dow Jones Industrial Average dropped by 0.2%, while the technology-heavy Nasdaq composite dipped by 0.1%.

Nvidia, one of the world's most valuable companies, announced after markets closed on Wednesday that its revenue for the May-July quarter more than doubled compared to the previous year. These earnings results are widely considered a bellwether for the broader AI and chips industry, and substantial investments by tech giants in AI have raised concerns among many investors regarding an AI bubble. The worry is that these companies might not generate enough profits within an expected timeframe to justify the rising costs.