Wall Street trades higher after Nvidia results as eyes turn to Jackson Hole

Asian stocks were mixed on Thursday following modest losses on Wall Street, as oil prices declined, according to wire reports. The first annual payment billed was $205.00 + GST for one year, with automatic renewal at $233.00 + GST every 52 weeks. The source indicates that the offer is only available to new and qualified returning subscribers, with the option to cancel at any time.

In the U.S., futures were trading higher after Nvidia's latest quarterly earnings beat Wall Street's expectations, as demand for its advanced artificial intelligence chips surged. Japan's Nikkei 225 slipped 0.2% to 66,162.72, while SoftBank Group, which invests in OpenAI, gained 0.1%. South Korea's Kospi rose 1.5% to 6,909.81, and Samsung Electronics' shares were 2% higher.

The Korean market has been among the biggest beneficiaries of the global AI frenzy, alongside Taiwan's market. The Taiex index added 0.5%. Hong Kong's Hang Seng lost 0.4% to 25,548.83, while the Shanghai Composite index rose 0.6% to 3,935.99. China reported that industrial profits growth slowed in July to 11.2%, down from 15.1% in June.

Australia's S&P/ASX 200 was 0.9% lower at 9,041.70. Wall Street's benchmark S&P 500 fell less than 0.1% on Wednesday but remained near record highs. The Dow Jones Industrial Average lost 0.2%, and the technology-heavy Nasdaq composite dipped 0.1%. Nvidia, a world-leading company, reported revenue for the May-July quarter that more than doubled from the previous year.

Its earnings results are seen as a bellwether for the AI and chips industry. However, concerns about potential AI bubble formation have emerged due to big investments by tech giants. Meta Platforms added 1.1% after settling a landmark trial over teen social media addiction and agreeing to pay up to $18 billion for child-safety measures on Facebook and Instagram.

U.S. economic growth slowed to a 1.5% pace in the April-June period, with the inflation measure at 3.7%, higher than expected. Brent crude prices declined 0.5% to $86.49 per barrel, while U.S. crude fell 0.5% to $81.84 per barrel.