But broader markets struggle amid macro concerns as US inflation pressures persist
(Photo: AFP)
HONG KONG - Shares of Asian chip firms rallied on Thursday following more blockbuster earnings from Nvidia that eased worries over the AI investment boom, though the euphoria was tempered by US data showing stubbornly high inflation.In a highly anticipated report, the world’s most valuable company shattered forecasts by reporting revenues more than doubled on-year in the second quarter and said it expected another blowout in July-September.
Nvidia is considered the bellwether for the AI spending frenzy, with its results largely determined by mega purchases from AI giants such as OpenAI, Amazon, Microsoft and xAI.
The firm has led an eye-watering rally by tech firms over the past year and in October became the first to hit a market capitalisation of $5 trillion owing to scorching demand for its chips.
