Asian shares surge after oil prices slip and Wall Street resumes its AI rally

Shares rallied Thursday across Asia, tracking gains on Wall Street after pressure from the bond market eased and oil prices fell back.

The advance was also powered by a stronger-than-expected quarterly report from chipmaker Nvidia, whose profit rocketed more than 200% higher in the February-April quarter from a year earlier, while revenue jumped 85%.

Nvidia has been one of the biggest beneficiaries from the boom in artificial intelligence, thanks to powerful demand for its high-end AI chips. Its shares rose 1.3% on Wednesday before its earnings report was released, but they fell 1.3% in afterhours trading after the announcement.

South Korea’s Kospi soared 6.7% to 7,688.43, helped by strong buying of technology shares such as Samsung Electronics, which gained 6.3%. Shares in SK Hynix, a computer chipmaker partnering with Nvidia, surged 9.5%.

Taiwan’s Taiex, also heavily weighted toward technology shares, gained 3.3% as major chipmaker TSMC’s stock gained 2.3%.

In Tokyo, the Nikkei 225 index jumped 3.5% to 61,877.89.

Chinese markets showed more modest gains, with Hong Kong’s Hang Seng up 0.2% to ...