Asian chip firms rallied 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.

Analysts closely watch Nvidia as a bellwether for AI and the wider stock market.

Nvidia’s latest quarterly results once again blew past Wall Street’s expectations as revenue for the computer chip company’s high-end artificial intelligence chips soared, the…