Published On ۲۸ Oct ۲۰۲۶
Global stock markets have climbed as investors continue to bet on bright prospects for the tech giants driving the AI boom.
In the United States, all three major stock indexes rose on Tuesday, led by the tech-heavy Nasdaq Composite, which gained ۱.۱۸ percent.
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The benchmark S&P ۵۰۰ rose ۰.۶ percent, while the narrower Dow Jones Industrial Average edged up ۰.۰۳ percent.
Five of the “Magnificent Seven” tech stocks rose, led by Tesla, up ۴.۰۴ percent.
Amazon gained ۱.۶۱ percent, while Apple and Alphabet gained ۰.۹۳ percent and ۰.۹ percent, respectively.
Nvidia, the world’s most valuable public company, rose almost ۱ percent after announcing a $۳bn investment in Meta’s equity offering.
Meta fell ۱.۶۴ percent, while Microsoft fell ۰.۲۴ percent.
Other big movers in tech included Advanced Micro Devices, Broadcom and Intel, which gained ۵.۴۵ percent, ۴ percent and ۳.۶۱ percent, respectively.
Asia Pacific markets rally
Gains continued in the Asia Pacific on Wednesday, with stock markets in Japan, South Korea, Taiwan and Australia climbing.
The KOSPI in Seoul led the gains, with the benchmark index up ۵.۸۴ percent as of ۰۳:۰۰ GMT.
The surge came as South Korea’s SK Hynix, one of the world’s top three memory chip makers, announced blockbuster third-quarter results on Wednesday, with operating profit soaring about ۶۳۰ percent year-on-year to ۸۳.۳۳ trillion won ($۶۲.۸bn).
SK Hynix shares listed in South Korea surged more than ۸ percent following the results.
In Tokyo, the benchmark Nikkei ۲۲۵ was up ۱.۲۶ percent, while the TAIEX in Taipei was up ۱.۳۲ percent.
The S&P/ASX ۲۰۰ in Sydney was up ۰.۱۱ percent.
Investors are keenly anticipating upcoming earnings reports from major tech players as they try to gauge whether their massive investments in AI will pay dividends.
Microsoft and Alphabet report their latest results on Wednesday, followed by Amazon on Thursday and Apple on Monday.
On Monday, AI giant Anthropic filed paperwork for its hotly anticipated IPO, reporting a net loss of $۸۰.۷bn in the first half of ۲۰۲۶ on $۱۶.۳bn in revenue.
Tech firms have poured hundreds of billions of dollars each into AI infrastructure, fuelling debate over whether a speculative market bubble could be forming similar to the one that preceded the ۲۰۰۰ dot-com crash.
Global AI investment is forecast to hit $۲.۷ trillion in ۲۰۲۶ and $۳.۶ trillion in ۲۰۲۷, according to Gartner, a technology insights company.
Oil prices, which have been elevated since the start of the US-Israel war on Iran, rose about ۱ percent as Asian markets opened on Wednesday amid the ongoing conflict in the Middle East, including hostilities between Saudi Arabia and Yemen’s Iran-aligned Houthis.
Futures for Brent crude, the global benchmark, stood at about $۱۱۵ a barrel, up ۵۹ percent from before the war began.
