HONG KONG (AP) — Asian stocks were mixed on Thursday following modest losses on Wall Street, while oil prices declined. This was reported by Qazaqyia.kz citing Associated Press.
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.
In Japan, the Nikkei 225 slipped 0.2% to 66,162.72. Multinational investment holding firm SoftBank Group, which invests in OpenAI, gained 0.1%.
South Korea’s Kospi rose 1.5% to 6,909.81. Shares of market heavyweight Samsung Electronics were 2% higher.
Japan’s and South Korea’s stock markets have been among the biggest beneficiaries from the global AI frenzy, alongside Taiwan’s market. Its benchmark Taiex index added 0.5%.
Hong Kong’s Hang Seng lost 0.4% to 25,548.83. The Shanghai Composite index rose 0.6% to 3,935.99.
China reported that growth in industrial profits 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.
On Wednesday, Wall Street’s benchmark S&P 500 fell less than 0.1% but was still near its record high levels. The Dow Jones Industrial Average lost 0.2%, while the technology-heavy Nasdaq composite dipped 0.1%.
Nvidia, one of the world’s most valuable companies, reported after markets closed Wednesday that its revenue for the May-July quarter more than doubled from the year before.
Its earnings results are widely seen as a bellwether for the broader AI and chips industry, and big investments by tech giants in AI have sparked concerns among many investors over an AI bubble. The worry is that the companies may not generate enough profits within an expected timeframe to justify rising costs.
Outside of earnings reports, Meta Platforms added 1.1% after agreeing to pay up to $18 billion and to add additional terms.