Bullish indicating open at $55-$60, IPO prices at $37
Investing.com-- Asian technology shares climbed on Wednesday after the Nasdaq hit a record high, with Chinese stocks partly gaining over regulatory scrutiny from Beijing against Nvidia (NASDAQ:NVDA)’s H20 chips.
The Nasdaq closed at an all-time high on Tuesday after softer-than-expected U.S. consumer price inflation bolstered expectations for a Federal Reserve interest rate cut in September.
Nasdaq futures rose more than 1 percent in Asian trading on Wednesday, lifting sentiment across the region.
Japan’s Nikkei rose 1.5%, topping 43,300 points, led by an over 8% jump in Renesas Electronics (TYO:6723) shares.
Advantest Corp. (TYO:6857) jumped over 5%, while Sony (TYO:6758) shares climbed 4.5%.
Japan’s broader TOPIX index also touched a record high.
In Hong Kong trading, Tencent (HK:0700) shares rose 3.5%, and Alibaba (NYSE:BABA) Group (HK:9988) traded 4.4% higher, while Baidu (NASDAQ:BIDU) Inc (HK:9888) stock gained 3.2%.
South Korean gains were driven by a 3.2% jump in SK Hynix Inc (KS:000660) shares and a 1% rise in Samsung Electronics (KS:005930) stock.
Chinese chipmaking stocks also remained higher after sharp gains in the previous session.
Beijing has urged domestic firms to avoid using Nvidia’s H20 artificial intelligence chips, according to media reports. This has spurred some optimism around the potential use of local alternatives.
Authorities summoned companies including Tencent, ByteDance, and Baidu to explain their purchases, citing concerns over data security and the need to prioritise local alternatives, reports showed.