Asian stock markets surged on Thursday after Nvidia posted quarterly earnings far exceeding expectations, easing fears that AI-fuelled stock prices had overheated. U.S. futures and global oil prices also moved higher.

Japan’s Nikkei 225 soared as much as 4.2% before settling to a 2.6% gain, closing at 49,801.81, supported by strong advances in technology shares following Nvidia’s report of $57 billion in revenue. South Korea’s Kospi climbed 3% to 4,047.57, bolstered by tech and energy stocks. Samsung Electronics jumped 6.1%, while SK Hynix rose 3.5%.

China’s markets saw more modest increases. Hong Kong’s Hang Seng added 0.1% to 25,867.87, and the Shanghai Composite rose 0.4% to 3,961.71. Taiwan’s Taiex climbed 3.2%. Australia’s S&P/ASX 200 advanced 1.2% to 8,546.10, led by technology names.

On Wall Street, trading was mixed Wednesday. The S&P 500 gained 0.4%, snapping a four-day losing streak. The Dow Jones inched up 47 points, or 0.1%, while the Nasdaq increased 0.6%. Constellation Energy jumped 5.3% after the U.S. Department of Energy approved a $1 billion loan to restart the Three Mile Island nuclear plant. Lowe’s rose 4% on stronger-than-expected summer results, helping offset a 2.8% decline in Target shares.

Nvidia, the largest company on the S&P 500, rose 2.8% ahead of earnings and surged another 5.1% in after-hours trading. Analysts noted that Nvidia’s performance continues to shape broader market sentiment tied to AI optimism.

Investors are also awaiting the U.S. September jobs report, which could influence future Federal Reserve decisions on interest rates. Although the Fed has reduced rates twice this year, some policymakers have signalled caution as inflation remains above the 2% goal.

In commodities, U.S. crude added 16 cents to $59.41 per barrel, and Brent crude also rose 16 cents to $63.67. The dollar strengthened to 157.32 yen, while the euro slipped to $1.1520.