Asian markets advanced on Wednesday, led by South Korea and Japan, as renewed optimism over artificial intelligence-related investments lifted sentiment. South Korea's Kospi rose 2.84% to 5,710.25, while Japan's Nikkei 225 climbed 1.40% to 64,972.67. Australia's S&P/ASX 200 was marginally lower at 8,816.70.
US stock futures also gained as investors assessed the latest corporate earnings. Nasdaq-100 futures rose 0.8%, S&P 500 futures added 0.3%, and Dow Jones Industrial Average futures edged up 21 points, or less than 0.1%.
AI Momentum
Technology stocks found support from strong earnings reported by some of the biggest beneficiaries of the artificial intelligence boom. Investors continued to assess whether spending on AI infrastructure could sustain growth across the technology sector.
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In South Korea, AI infrastructure company Elice surged 30%, recovering from one of the country's weakest initial public offering debuts on record. The rally contrasted with a sharp fall in Australian data-centre developer NextDC, whose shares plunged 45% after it lowered its outlook and revised its capital expenditure programme.
Tesla, SpaceX
Separately, Elon Musk said SpaceX and Tesla had formed special committees to examine a potential merger. The move marks an early step towards a possible combination that would rank among the largest corporate deals ever.
Oil Prices
Crude oil steadied after a volatile session as traders assessed conflicting signals about efforts to end the war between the US and Iran. Brent crude rose 0.6% to trade near $109.40 a barrel early on Wednesday.
Oil markets remain sensitive to developments in the conflict and their potential implications for energy supplies.
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