All three major stock indexes in the United States moved higher on Tuesday. The tech-heavy Nasdaq Composite led the gains with an increase of 1.18 percent.
The benchmark S&P 500 rose 0.6 percent, while the narrower Dow Jones Industrial Average edged up 0.03 percent.
Five of the seven major technology stocks posted gains, led by Tesla with an increase of 4.04 percent. Amazon gained 1.61 percent, while Apple and Alphabet rose 0.93 percent and 0.9 percent respectively.
Nvidia, the most valuable public company in the world, rose nearly 1 percent after announcing it will invest $3bn in Meta equity. Meta shares fell 1.64 percent, and Microsoft shares dropped 0.24 percent.
Other technology companies saw substantial movement. CoreWeave gained 7.94 percent, Western Digital rose 6.95 percent, and Advanced Micro Devices increased by 5.45 percent.
Asian stock markets tracked the gains from Wall Street on Wednesday. South Korea led the regional advance as the KOSPI benchmark index closed up 6.63 percent.
The surge in South Korea followed blockbuster third-quarter results from SK Hynix, a major global memory chip maker. Operating profit for the firm soared about 630 percent year-on-year to 83.33 trillion won, which equates to $62.8bn. Shares of SK Hynix listed in South Korea jumped 10.89 percent after the earnings report.
In Japan, the Nikkei 225 ended the session up 1.08 percent. Taiwan’s TAIEX climbed 2.04 percent, and the Hang Seng Index in Hong Kong rose 0.33 percent.
Dan Coatsworth, head of markets at AJ Bell in London, told reporters that the rally in artificial intelligence related stocks implies investors are not done with the trend. He said these stocks act as a litmus test for market mood, falling when investors worry the story is losing steam and rising when spirits are high.
Coatsworth said the big unknown is whether this represents the start of a new rally or a relief bounce following a period of questioning. Investors are watching upcoming earnings reports from Microsoft, Alphabet, Amazon and Apple to gauge if heavy investments are paying off.
Meanwhile, oil prices rose about 1 percent as Asian markets opened on Wednesday. Brent crude futures stood at approximately $115 a barrel, remaining elevated due to ongoing conflict in the Middle East.
