Investing.com — Asian stocks advanced on Wednesday as stronger-than-expected earnings from major beneficiaries of the artificial intelligence boom revived confidence in the technology trade, helping regional chipmakers rebound after last week’s selloff.
Brent traded above $110 a barrel as attacks near the Strait of Hormuz threatened supplies and U.S. data pointed to another crude-stock draw, fuelling inflation concerns even as strong earnings offered some relief to tech investors.
Wall Street was mixed overnight, with the Dow Jones Industrial Average rising 1% and the S&P 500 gaining 0.3%, while the Nasdaq Composite ended little changed; in Asian trade, Nasdaq 100 futures climbed 1% and S&P 500 futures advanced 0.4%.
SpaceX shares jumped 8.1% in extended trading after the company reported better-than-expected earnings, while Super Micro Computer surged 16% after its preliminary results exceeded forecasts. Netflix shares fell nearly 6% in after-hours trade as a weaker-than-expected fourth-quarter outlook overshadowed its third-quarter earnings beat.
South Korea, Taiwan lead chipmaker rebound
The MSCI Asia Pacific index climbed 1.1%, snapping two sessions of losses. South Korea’s KOSPI jumped 3.7%, while Taiwan’s Taiex gained around 1.4%, as semiconductor stocks led the recovery. Japan’s Nikkei 225 and the TOPIX advanced over 1%.
South Korean memory-chip makers led gains, with Samsung Electronics rising 7.1% and SK Hynix climbing 6.2%. Japan’s Kioxia advanced 3.2% and Murata Manufacturing added 3.4%. Taiwan Semiconductor Manufacturing Co. rose 0.8% and Largan Precision gained 3.8%.
The rebound followed fresh evidence of strong demand for AI computing infrastructure. Super Micro said it expected quarterly revenue of $18.5 billion to $19.5 billion, well above its previous guidance of $14.5 billion to $15.5 billion and analysts’ expectations.
SpaceX reported quarterly revenue of $14.6 billion, up 161% year-on-year, and profit of $4.4 billion, supported by rapid growth in its AI business.
Its results helped restore some confidence in AI-linked companies after concerns about valuations, financing requirements and the returns on heavy infrastructure spending unsettled markets last week.