A view of Tokyo’s skyline on July 27, 2021 in Tokyo, Japan.
Julian Finney | Getty Images Sport | Getty Images
Asia-Pacific markets were set to open mixed Thursday as investors digested Nvidia‘s latest quarterly beat — released after the closing bell stateside — which appeared to restore confidence in major technology stocks.
Shares of the chip giant jumped more than 4% in extended trading after its fiscal third-quarter earnings beat earnings and revenue expectations. The AI chip darling also gave a stronger-than-expected fourth-quarter sales forecast, with CEO Jensen Huang saying demand for its current-generation Blackwell chips is “off the charts.”
Investors in the region will be looking at Asian tech stocks related to Nvidia and the broader AI chip supply chain.
Japan’s benchmark Nikkei 225 index was set for a higher open, with its futures contract in Chicago trading at 50,085, and its counterpart in Osaka at 49,310, against the index’s Wednesday close of 48,537.7.
Australia’s ASX/S&P 200 rose 0.49%.
Futures for Hong Kong’s Hang Seng Index pointed to a slightly lower open, with the contract trading at 25,820, down from the index’s previous close of 25,830.65.
U.S. equity futures were higher in early Asian hours after Nvidia’s upbeat guidance, which likely lifted investor sentiment around the AI trade, following recent sessions that reflected fears about elevated valuations, debt financing, and potential chip depreciation.
“Nvidia’s numbers remain extremely strong now, but there are inevitably questions whether Huang’s company has already reached its high-water mark in terms of growth and market share,” said David Russell, TradeStation’s global head of market strategy.
Overnight, the S&P 500 gained 0.38% to close at 6,642.16, snapping a four-day losing streak, while the Nasdaq Composite advanced 0.59% to settle at 22,564.23. The Dow Jones Industrial Average climbed 47 points, or 0.1%, to finish at 46,138.77.
— CNBC’s Sean Conlon and Pia Singh contributed to this report.