Investing.com — Asian stocks rose Wednesday as higher-than-expected profits from key beneficiaries of the artificial intelligence boom revived confidence in technology trading, helping regional chipmakers rebound from last week’s selloff.
was trading above $110 a barrel as attacks near the Strait of Hormuz threatened supplies and U.S. data showed a further decline in crude inventories, fueling inflation fears even as strong earnings offered some relief to technology investors.
Wall Street was mixed overnight, rising 1% and gaining 0.3%, while the ending was little changed; In Asian trading, futures rose 1% and S&P 500 futures rose 0.4%.
Shares jumped 8.1% in extended trading after the company reported better-than-expected earnings, while they jumped 16% after its preliminary results beat forecasts. Shares fell nearly 6% in after-hours trading as a weaker-than-expected fourth-quarter outlook overshadowed third-quarter results.
South Korea, Taiwan lead chipmaker rebound
The rose 1.1%, ending two sessions of losses. South Korea’s stock jumped 3.7%, while Taiwan’s stock gained about 1.4%, with semiconductor stocks leading the rally. That of Japan and advanced countries increased by more than 1%.
South Korean memory chip makers led the gains, rising 7.1% and rising 6.2%. Japan grew 3.2% and added 3.4%. rose 0.8% and gained 3.8%.
This rebound follows new evidence of strong demand for AI computing infrastructure. Super Micro said it expects quarterly revenue between $18.5 billion and $19.5 billion, well above its previous forecast of $14.5 billion to $15.5 billion and analyst expectations.
EspaceX reported quarterly revenue of $14.6 billion, up 161% year-on-year, and profit of $4.4 billion, driven by rapid growth in its AI business.
Its results helped restore some confidence in AI-related companies after concerns over valuations, financing needs and returns on heavy infrastructure spending roiled markets last week.
The values of AI infrastructures have nevertheless experienced strongly divergent developments. The South Korean data center company jumped about 30% in Seoul, rebounding from one of the weakest IPOs on record in the country. Its shares had opened 16% below their offering price and then plunged as much as 33% on Tuesday.
Australia’s stock, however, fell about 40% after it cut its financial outlook as delays in upgrading the power grid at its M3 data center in Melbourne delayed contracted capacity and revenue.
Regional stocks mixed as Japanese trade misses forecast and CATL collapses
from Japan September trade data were weaker that expected, with exports And imports both missing forecast And THE trade deficit enlargement more that anticipated.
Elsewhere, Hong Kong’s fell 0.2%, mainland China’s fell 0.7% and China’s fell 0.4%. That of Australia fell by 0.1%, while that of New Zealand increased by 0.7% and that of Singapore by 0.8%.
Indonesian futures fell 1.12%, while Indian Nifty 50 futures fell 1.1%.
Chinese stocks fell 8% to their lowest level in 15 months after the world’s largest electric vehicle battery maker reported weaker-than-expected third-quarter profits, with profit growth slowing to its weakest pace in nearly two years amid slowing Chinese auto sales and intensifying competition.
Attention now turns to a loaded benefits list to prove that businesses can justify the substantial capital invested in IT infrastructure.
and are expected to report later on Wednesday, with investors closely watching updates on AI investments and consumer demand.
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