Investing.com — Asian stocks traded mixed on Wednesday as chipmakers extended gains on sustained optimism around artificial intelligence, while crude prices approached $100 a barrel and renewed geopolitical tensions raised inflation and interest-rate risks.
The gains came despite a weak Wall Street session on Tuesday as concerns that AI could disrupt traditional software weighed on technology stocks.
Semiconductor shares bucked the trend, with the rising 1.3%. In Asian trade, Futures rose 0.2% and S&P 500 Futures traded largely flat.
Attention remains on Friday’s U.S. CPI report which could influence expectations for a Fed hike at its September 15-16 meeting. Markets currently price about a 60% chance of a 25-basis-point increase.
Oil added to those concerns as fighting intensified, with Iran-backed Houthis attacking Saudi cities and U.S. forces striking Iranian tankers. Tehran also warned tanker crews near Kuwaiti and Bahraini piers to abandon their vessels and threatened further attacks on Gulf energy infrastructure.
is now up more than 60% this year and is nearing $100 for the first time since July.
Chipmakers rally as AI trade stays resilient
South Korea’s rose 1.5%, while Japan’s gained 0.14%. Hong Kong’s fell 0.2%, while China’s rose 0.1%.
rose 3.6% and gained 0.8%, while added 0.6%, 1.86%. fell 0.74%, while was flat.
The chip rally contrasts with weakness in U.S. software shares after OpenAI’s GPT-6 Astra reignited fears that AI could disrupt established software businesses.
and , however, surged on Tuesday after agreeing with Amazon to develop custom AI chips, reinforcing the focus on AI infrastructure spending.
South Korea’s economy grew 0.6% quarter-on-quarter in the second quarter, beating the 0.2% forecast, with semiconductor exports supporting growth.
Japan’s GDP expanded at an annualized 1.4%, although below expectations, while real wages rose 2.4% in July, supporting expectations of a BOJ hike next week.
China inflation accelerates as energy costs rise
The rose 0.2%, while Hong Kong’s technology shares were mixed. gained 3.3% and 0.6%, while fell 2.5%, 2.1% and D.com 1.84%.
China’s August CPI rose 0.8% year-on-year and 0.4% month-on-month, while PPI climbed 3.8%, with higher energy and metals prices driving the pickup. Core CPI rose just 1%, underscoring still-weak domestic demand.
The data come after exports surged 25% in August and imports rose 28.2%, with high-tech exports up 42.9% in the first eight months, highlighting the economy’s growing reliance on external demand and AI-related products.
Elsewhere, Australia’s S&P/ASX 200 fell 0.2% after consumer sentiment weakened, while Singapore’s lost 0.6% and India’s fell 0.5%.
Investors will also watch and results Thursday for clues on AI infrastructure spending and whether the technology is beginning to disrupt traditional software businesses.