Asian technology shares advanced after Nvidia reported record quarterly revenue and a bullish outlook, reinforcing optimism around artificial intelligence demand.
The Santa Clara-based chipmaker posted revenue of $96bn for the second quarter, nearly double the prior period, and forecast third-quarter revenue above Wall Street projections. Nvidia, the world’s most valuable company with a $5tn market cap, also projected third-quarter revenue of $108bn. Chief Executive Jensen Huang described AI demand as accelerating in a “golden age” for the industry.
The results eased concerns following a recent tech sell-off, which had contributed to a sharp drop in South Korea’s Kospi in July. Samsung Electronics, a key memory chip supplier, led gains in Seoul, lifting the Kospi by 1.3%. The Shanghai and Shenzhen exchanges rose 0.95% and 1.37%, respectively, while Singapore added 0.4% and Taiwan advanced 0.3%. Japan’s Nikkei edged 0.2% lower and Australia’s market fell nearly 1%.
Nvidia’s shares climbed 4.7% in extended trading to $219.53, approaching the $220 level and within sight of May’s peak of $235. Analysts at XTB called the results “nothing short of stunning,” while Wealth Club’s Susannah Streeter noted the company’s dominance in the S&P 500 makes its performance a key indicator for AI adoption and broader market sentiment.
Demand for Nvidia’s latest Blackwell AI chips remains robust, with customers prioritizing new-generation accelerators over expanding existing capacity. This sustained demand is fueling further investment in AI infrastructure, though questions persist about the long-term sustainability of such rapid revenue growth and whether returns will justify the substantial capital outlays.
Global markets are also focused on the U.S. Jackson Hole Economic Policy Symposium, which begins Thursday. Federal Reserve Chair Kevin Warsh is scheduled to deliver a keynote address on Friday, with investors closely monitoring signals on monetary policy amid evolving economic conditions.
In corporate developments, online fashion retailer Shein plans to price its Hong Kong initial public offering at $26.5bn, raising $1.7bn, according to two sources cited by Reuters. U.S. economic data scheduled for release includes weekly jobless claims and July trade in goods figures at 1:30 p.m. BST.
