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(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.
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Equity-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.
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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.
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Elsewhere, 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.
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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.
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“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.”
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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.
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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.
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Brent oil advanced to the highest since early June as investors weighed the risk of disruptions to global energy supplies.
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“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.
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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.
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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.
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