Nvidia's stunning earnings boost Asian markets; South Korea's KOSPI up nearly 3%

Asian stock markets experienced a significant uplift on Thursday, largely driven by the stellar financial results announced by U.S. chipmaker Nvidia. The company's performance exceeded market expectations, prompting a surge in its stock price in after-hours trading and igniting optimism across regional bourses.

South Korea's KOSPI index led the gains, opening sharply higher by 2.75% and nearing the 7000-point mark. This surge was bolstered by the strong performance of key tech players like SK Hynix, which saw its stock climb 5%, and Samsung Electronics, up over 3%. These gains reflected the positive sentiment generated by Nvidia's outlook, particularly its forecast of a 70% revenue increase by fiscal year 2028.

Japan's Nikkei index also joined the upward trend, opening with a gain of 0.77% and at one point rising by nearly 700 points. However, like the KOSPI, the Nikkei later saw its gains moderate as some investors took profits, indicating a degree of market adjustment following the initial enthusiasm.

This positive performance in Asia contrasted with a mixed showing in the U.S. market on Wednesday. While the Philadelphia Semiconductor Index closed slightly higher, the S&P 500 and Nasdaq saw minor declines, and the Dow Jones Industrial Average fell. Investors had been cautious ahead of Nvidia's earnings report, which ultimately proved to be a powerful catalyst for the subsequent Asian market rally.