Nvidia earnings beat, Asian chips stocks, tech
A view of Tokyo’s skyline on July 27, 2021 in Tokyo, Japan.
Julian Finney | Getty Images Sports | Getty Images
Asian chip stocks rise at open on Thursday Nvidia delivered stronger-than-expected gains and issued a bullish forecast, bolstering confidence in global AI business.
Shares of the chip giant rose more than 4% in extended trading. fiscal third quarter profit exceeded earnings and revenue expectations. The AI chip darling also gave a stronger-than-expected fourth-quarter sales forecast, and CEO Jensen Huang said demand for current-generation Blackwell chips is “off the charts.”
Japan’s reference point Nikkei 225 While the index increased by 3.7% in early trading, the Topix index increased by 1.67%.
Chip-related stocks rise on index as investors back Nvidia’s quarterly report and tech conglomerate SoftBank Fast-growing semiconductor equipment manufacturer up 8% Tokyo Electron up nearly 7%, Lasertec up 5.6% and chip maker Renesas Electron It is trading 4.8% higher.
South Korea’s Kospi index gained 2.63%, while the small-cap Kosdaq gained 1.75%. Optimistic investor confidence has also spread to South Korea, with index heavyweights memory chip makers SK Hynix and Samsung Electronics gaining more than 6% and 3.3%, respectively.
Australia’s ASX/S&P 200 rose 1%.
Hong Kong futures Hang Seng Index It indicated a slightly lower opening, with the contract trading at 25,820 compared to the index’s previous close of 25,830.65.
U.S. stock futures rose in early Asian trading following Nvidia’s upbeat guidance on AI trading that likely lifted investor sentiment, following recent trading that reflected fears about rising valuations, debt financing and potential chip write-downs.
“Nvidia’s numbers remain extremely strong at the moment, but there are inevitably questions about whether Huang’s company has already peaked in terms of growth and market share,” said David Russell, head of global market strategy at TradeStation.
throughout the night, S&P 500 While Nasdaq Composite increased by 0.59% to 22,564.23, it closed at 6,642.16 with an increase of 0.38% and ended its four-day losing streak. The Dow Jones Industrial Average rose 47 points, or 0.1%, to finish at 46,138.77.
— CNBC’s Sean Conlon and Pia Singh contributed to this report.
