Asian Stocks Set for Gains as Chipmakers Rebound: Markets Wrap

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAsian Stocks Set for Gains as Chipmakers Rebound: Markets WrapStocks in Asia were set to gain on Wednesday as a rebound in chipmakers at the center of the artificial intelligence boom offset concerns over the renewed escalation in the US-Iran conflict.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.lbz4s]4{fapkf[wz}vvipm}n_media_dl_1.png Bloomberg(Bloomberg) — Stocks in Asia were set to gain on Wednesday as a rebound in chipmakers at the center of the artificial intelligence boom offset concerns over the renewed escalation in the US-Iran conflict.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountEquity-index futures for Japan, Australia and South Korea all pointed to a positive open. Contracts for US stocks were steady after the Nasdaq 100 Index posted its best session in three weeks, fueled by a 5.2% jump in a key semiconductor gauge as investors piled back into beaten-down chipmakers.Adding to the optimism, Nvidia Corp. said its latest chip designs are now reaching customers, while Intel Corp. rose on plans for further job cuts. After the close, Super Micro Computer Inc. surged following an update that pointed to a growing order backlog. The rebound came despite higher oil prices that reignited inflation concerns and pushed bond yields to the highest in two months.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againElsewhere, Moonshot AI plans to begin talks in August on a final fundraising round ahead of a Hong Kong listing, targeting a valuation of as much as $50 billion as enthusiasm for its latest AI model fuels investor demand.The year’s best-performing corner of the stock market has been rocked by volatility as investors question whether massive AI spending will translate into profits. The coming earnings season will be a key test, with companies that fail to meet Wall Street’s lofty expectations at risk of sharp declines.“The burden of proof has changed. Investors are no longer asking whether companies can withstand the uncertainty,” said Bret Kenwell at eToro. “They want growth and guidance strong enough to justify elevated valuations.”Meanwhile, US President Donald Trump damped hopes for imminent talks with Iran as the two sides exchanged fresh strikes and Yemen’s Houthi militants threatened shipping in the Red Sea.Trump said Tuesday the US would respond if the Iran-backed group disrupted the vital trade route, without elaborating. His comments came on the 10th day of fighting between Washington and Tehran, underscoring the fragile diplomatic backdrop even as mediators pushed to restart negotiations.Brent oil advanced to the highest since early June as investors weighed the risk of disruptions to global energy supplies.“They want to desperately meet and until they’re ready to meet in a meaningful way we have no interest,” Trump said at a White House meeting with Lebanon’s president, vowing to continue the fight.US earnings growth should continue to support stocks in the second half of the year, even as near-term bullish positioning and macro headwinds weigh on share prices, according to Goldman Sachs Group Inc. strategists.Nearly 20% of companies in the S&P 500 by market value are slated to report results this week. Alphabet Inc. and Intel will give investors a clearer read on how AI spending is reshaping the tech industry. Alphabet and Tesla Inc. deliver results Wednesday, followed by Intel Thursday.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.While the recent selloff in AI-related shares has raised questions about the durability of the trade, some strategists see it as a reset rather than a sign of deteriorating fundamentals.“The long-term AI backdrop appears to be intact,” said Adam Turnquist at LPL Financial. “The recent correction appears more consistent with a healthy reset following a parabolic advance than a fundamental breakdown in the AI investment theme.”Global banks are poised to reap a windfall from SoftBank Group Corp.’s unprecedented borrowing binge as they fund the debt-laden conglomerate’s enormous artificial intelligence bet.SpaceX has set the stage for one of the largest share unlocks in capital markets history, with as much as $116 billion worth of stock becoming eligible for sale for the first time next month.Some of the main moves in markets:S&P 500 futures were little changed as of 7:02 a.m. Tokyo timeHang Seng futures fell 0.7%S&P/ASX 200 futures rose 0.2%Nikkei 225 futures rose 1.3%The Bloomberg Dollar Spot Index rose 0.2%The euro was little changed at $1.1400The Japanese yen was little changed at 163.19 per dollarThe offshore yuan was little changed at 6.7685 per dollarThe Australian dollar was unchanged at $0.6999Bitcoin was little changed at $66,347.85Ether was little changed at $1,922.04West Texas Intermediate crude rose 0.3% to $84.62 a barrelSpot gold was little changedThis story was produced with the assistance of Bloomberg Automation.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.