US Futures and Asian Stocks Rise on Nvidia’s Earnings – Asia Market Wrap
After Nvidia released positive quarterly results, US market futures surged and Asian stocks climbed, reviving hopes for a worldwide artificial intelligence boom.
The massive chipmaker exceeded expert expectations by announcing that second-quarter revenue will be approximately $28 billion. In addition, the business increased its quarterly dividend by 150% to 10 cents per share and declared a 10-for-1 stock split. During trading hours, Nvidia’s shares surged up to 7% on the company’s results.
Gains in semiconductor manufacturers in South Korea, Taiwan, and Japan sent Asian equities higher overall. A Bloomberg measure of chipmakers saw a 1.9% increase, following Nvidia’s lead.
Asia’s advances were driven by the benchmarks for stocks in Japan; Taiwan and Korea also saw increases. Hong Kong, China, and Australia saw their indexes decline. After central bank governor Rhee Chang Yong stated that there is currently little chance of an interest rate hike, Korean stocks likewise saw an increase. After the Bank of Korea maintained its benchmark interest rate, he spoke.
