Asian markets jumped on Thursday as strong earnings from Nvidia lifted sentiment and eased fears of an AI-driven bubble, even as investors tempered expectations for a December rate cut following signals from the US Federal Reserve. According to news agency AFP, Nvidia’s quarterly results and upbeat comments from CEO Jensen Huang — who said “we see something very different” when asked about an AI bubble — helped soothe concerns over overstretched tech valuations.Shares of the chipmaker rose more than five percent in post-market trade, pushing S&P 500 and Nasdaq futures higher. The rally spilled over into Asia, where tech firms led gains. Samsung, SK hynix, TSMC and SoftBank all surged, while Tokyo’s Nikkei briefly jumped more than four percent. Markets in Hong Kong, Shanghai, Sydney, Singapore, Wellington and Jakarta were also higher.As per Reuters, MSCI’s Asia-Pacific ex-Japan index rebounded 0.6%, while Nvidia “delivered yet another master class in AI dominance,” according to IG analyst Tony Sycamore. Strong moves were seen across chip-related stocks, with Japan’s SoftBank soaring as much as 8% and Taiwan’s TSMC advancing more than 4%.The rally helped offset pressure from the Fed’s October meeting minutes, which showed officials leaning against a third consecutive rate cut next month, as per AFP. Traders, according to Reuters, sharply scaled back expectations for a December reduction to about 33%, after the US delayed its September jobs report and postponed the October data release until December 16. The shift pushed the dollar higher and it rose to 157.47 yen.Crude prices also edged up. Brent rose 0.33% to $63.72 a barrel and WTI gained 0.40% to $59.68 as markets assessed new US proposals to end the war in Ukraine and prepared for a November 21 deadline for companies to cease operations with Rosneft and Lukoil under Washington’s sanctions. The rebound followed nearly 2% losses a day earlier, with IG’s Sycamore saying crude retains a “bullish bias” above $55.
