Global stock markets rose Wednesday as investors remained optimistic about artificial intelligence spending, supported by strong earnings from major technology companies.
The MSCI All-Country World Index gained 0.2%, while U.S. stock futures edged up between 0.1% and 0.4%. In Europe, the STOXX 600 fell 0.25%, weighed down by financial stocks, as investors awaited key central bank decisions and monitored rising oil prices amid tensions in the Middle East.
In Asia, South Korea’s benchmark KOSPI led the gains, closing 6.63% higher after SK hynix reported a sharp increase in third-quarter operating profit. The memory chipmaker reported operating profit of 83.33 trillion won (about $62.8 billion), up more than sevenfold from a year earlier. Its shares surged 10.89% following the results. Japan’s Nikkei 225 rose 1.08%, while Taiwan’s TAIEX gained 2.04%. Hong Kong’s Hang Seng Index was up 0.33% shortly before the market closed.
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The rally followed gains on Wall Street Tuesday. The technology-heavy Nasdaq Composite rose 1.18% to 26,477.81, while the S&P 500 gained 0.6% to 7,722.60. The Dow Jones Industrial Average edged up 0.03% to 52,377.57. Among major technology companies, Tesla gained 4.04%, Amazon rose 1.61%, Apple advanced 0.93% and Alphabet climbed 0.9%.
Nvidia, the world’s most valuable publicly traded company, gained nearly 1% after announcing a $3 billion investment in Meta’s equity offering. Meta shares fell 1.64%, while Microsoft declined 0.24%.
Dan Coatsworth, head of markets at AJ Bell, told Al Jazeera that gains in AI-related companies indicated that investor enthusiasm for the technology remained strong.
“These types of stocks have become a litmus test for the mood of the market. They typically fall when investors are worried that the AI story might be running out of steam, and they rise when animal spirits are running high around the technological revolution,” Coatsworth said.
Investors are closely watching upcoming earnings reports from major technology companies for signs that their substantial AI investments are paying off. Microsoft and Alphabet are scheduled to report results Wednesday after the U.S. market closes, followed by Amazon on Thursday and Apple on Nov. 2.
Recent funding and investment announcements involving Meta, SpaceX and Broadcom, along with Anthropic’s reported move toward an initial public offering, have also kept AI in focus.
However, concerns remain that technology stock valuations could be inflated by speculation, echoing the dot-com bubble that preceded the 2000 market crash. Gartner forecasts that global AI spending will reach $2.7 trillion in 2026 and $3.6 trillion in 2027.
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Investors are also awaiting monetary policy decisions from the U.S. Federal Reserve, the European Central Bank and the Bank of Japan. Meanwhile, the Reserve Bank of New Zealand kept its benchmark interest rate unchanged at 2.75%, sending the New Zealand dollar lower.
Oil prices also climbed amid geopolitical uncertainty in the Middle East, with Brent crude futures rising above $115 a barrel. Higher energy prices could add to inflationary pressures and complicate central banks’ decisions on interest rates.