A gauge of Asian shares was on course to snap a three-day losing streak, buoyed by the tech sector, while US equity futures slipped after artificial intelligence stocks fueled a sharp rally in the prior session.
Benchmark indexes rose in Japan, South Korea, India and Australia, while those for mainland China fell. Hong Kong’s market was closed Friday for a public holiday.
It was the second day of gains for chip stocks in the region following a bullish sales forecast from Nvidia Corp. late Wednesday that ignited a frenzy of interest in AI.
Among notable moves in Asia, Japan’s Screen Holdings Co. surged as much as 9%, South Korea’s SK Hynix Inc. jumped 5.5% and Taiwan Semiconductor Manufacturing Co. advanced 4.6%.
The AI rally continued after hours in the US, when Marvell Technology Inc. projected 2024 revenue from the technology will at least double from a year ago. Earlier, shares of Nvidia soared 24%, propelling the company to the cusp of a $1 trillion market value.
A gauge of the dollar’s strength fell as investors continued to parse signals from US debt-ceiling talks as time grows short to avert a default. – BLOOMBERG
