Nvidia's earnings boosted AI stocks, with South Korean stocks rising 1.3%, while US Treasury bonds fell and gold rose.

Nvidia's better-than-expected revenue growth forecast rekindled market confidence in the AI investment cycle, driving up US stock futures, but persistently higher-than-target inflation data put pressure on the bond market, while investors also turned their attention to the upcoming Jackson Hole Economic Symposium.

Nasdaq 100 futures rose 0.9%, and Nvidia shares jumped 4.7% in after-hours trading,带动 (leading) gains in AI-related stocks such as Marvell and SanDisk. European stock index futures also rose slightly, while the MSCI Asia Pacific index rose 0.2% and the Korea Composite Stock Price Index (Kospi) gained 1.3%.

Meanwhile, sentiment in the bond market was cautious. US core PCE data showed inflation remained above the Fed's target, prompting traders to slightly increase their bets on a rate hike this year. The overall yield curve for US Treasury bonds declined, with the yield on the interest-rate-sensitive two-year Treasury note rising one basis point to 4.22%, indicating that the money market has fully priced in a December rate hike. Fed Chairman Warsh will deliver his first major speech at the Jackson Hole symposium, and the market is paying close attention to the clarity of his policy stance.

In a report, Pepperstone Group strategist Dilin Wu noted, "The key is not simply judging whether the Fed is hawkish or dovish, but how Warsh balances inflation, employment, long-term interest rates, and the Fed's credibility. If the market begins to worry about policy missteps, the US stock market may continue to be under pressure."

The Nikkei 225 index closed down 0.1% in the morning session, the Topix index rose slightly by 0.1%, and the Korea Composite Stock Price Index (KOSPI) rose by 1.3%.Nasdaq 100 futures rose 0.9%, and Nvidia shares rose 4.7% in after-hours trading.The US dollar spot index remained largely unchanged.The yield on the 10-year U.S. Treasury note rose 2 basis points to 4.66%.The yield on Japan's 10-year bond remained largely unchanged at 2.890%.West Texas Intermediate crude fell 0.5% to $81.84 a barrel, while Brent crude traded around $87.40 a barrel.Spot gold rose 0.6% to $4,619.16 per ounce.Bitcoin rose 0.3% to $78,661.46.

Nvidia's guidance far exceeded expectations, supporting enthusiasm for AI infrastructure investment.

Nvidia delivered a growth forecast that significantly exceeded market expectations during its earnings call. According to analyst forecasts compiled by Bloomberg, the market had generally anticipated Nvidia's revenue growth of approximately 45% in fiscal year 2028, but CFO Colette Kress stated that the company expects revenue growth of approximately 70% that year, substantially surpassing consensus expectations.

"These results further support my optimistic outlook on the AI investment theme and the technology sector as a whole," said Ivan Feinseth, Chief Investment Officer and Head of Research at Tigress Financial. "The AI infrastructure cycle is still in its early to mid-stages and is far from its peak."

However, some investors remain cautious. Jay Goldberg, senior analyst for the semiconductor and electronics industry at Seaport Research Partners, believes that Nvidia's performance is "not impressive enough." Naoki Fujiwara, senior fund manager at Shinkin Asset Management, points out that rising memory prices may put some pressure on profit margins.

Asian bond markets generally weakened as expectations of central bank tightening intensified.

Bond markets in Australia, New Zealand, and Japan all declined amid rising expectations of global monetary tightening. Overnight index swap data for Australia suggests the Reserve Bank of Australia (RBA) is likely to raise interest rates this year, while New Zealand's tightening could begin as early as next week.

The yield on Australian three-year government bonds rose seven basis points to 4.67%, while the yield on New Zealand two-year government bonds increased six basis points to 3.60%, and the yield on Japanese two-year government bonds edged up one basis point to 1.695%. The yield on 10-year US Treasury bonds rose two basis points to 4.66%. The South Korean won strengthened after the Bank of Korea raised interest rates twice to curb inflation risks.

In Japan, the Nikkei 225 index closed down 0.1% in the morning session, while the Topix index rose slightly by 0.1%, showing a relatively stable overall performance.

Core PCE is higher than the target, leaving the path of interest rate hikes uncertain.

Investors received the latest U.S. inflation data readings on Wednesday. The core personal consumption expenditures (PCE) price index rose 0.2% month-over-month and 3.3% year-over-year, remaining above the Federal Reserve's 2% policy target; after adjusting for inflation, consumer spending remained flat after rising in the previous two months.

The aforementioned data further complicates market expectations regarding the Fed's interest rate hike path. The money market has already fully priced in a December rate hike, and tech stock valuations are highly sensitive to interest rate changes. This means that if inflation remains sticky, the upside potential for AI stocks may be limited.

In a report, Pepperstone Group strategist Dilin Wu noted, "The key is not simply judging whether the Fed is hawkish or dovish, but rather how to strike a balance between inflation, employment, long-term interest rates, and the Fed's credibility. If the market begins to worry about policy missteps, the US stock market may continue to be under pressure."

Commodity Markets: Gold rises, wheat hits three-year high

In the commodities market, gold rose 0.6% to around $4,620 an ounce, while Brent crude oil traded around $87.40 a barrel.

According to Bloomberg, wheat prices rose to a three-year high as continued attacks on ships and infrastructure in the Black Sea region suppressed shipments from one of the world's most important grain-producing areas, reigniting concerns about food inflation.

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