Asian stocks were mixed on Wednesday, with semiconductor shares rising in Japan, South Korea and Taiwan, while technology stocks in Hong Kong and China came under notable pressure.
Strong results from CoreWeave bolstered optimism around the AI trade, but higher-than-expected US inflation data revived concerns that the Federal Reserve could raise interest rates.
The MSCI Asia-Pacific Index rose as much as 0.8%, extending a recovery rally in which it posted its strongest two-day gains in more than three months.
Technology stocks led the gains, while Nasdaq 100 futures rose 1.2% and S&P 500 futures added 0.6%, recouping losses incurred by the Nasdaq 100 during the official U.S. trading session.
South Korea’s KOSPI rose 1.8%, Japan’s Nikkei 225 advanced 1.2%, and the TOPIX gained 0.8%. South Korean chipmakers led the gainers, with SK Hynix jumping 3.6%, LG Innotek rising 3.6%, and Samsung Electronics adding 2.4%.
In Japan, TDK rose 3.43%, Kioxia advanced 2.99%, and Murata Manufacturing gained 2.65%. Taiwan Semicond. Manufacturing Co rose 2.63%, while Largan Precision added 2.96%.
By contrast, Hong Kong’s Hang Seng Index fell 0.9%, while both the CSI 300 and the Shanghai Composite Index declined 0.2%. NetEase led losses in China’s technology sector, falling 2.6%, followed by MiniMax, down 2.6%, and Meituan, which fell 2%. CXMT declined 0.2%, while SMIC edged up 0.1%.