Nvidia H100 chips inside the server room at Yotta Data Services Pvt. data center, in Navi Mumbai, India, Thursday, March 14, 2024.
Dhiraj Singh Bloomberg Getty Images
Asia-Pacific markets generally fell on Thursday, with investors watching technology stocks in the region after chip makers Nvidia reported better results than expected.
Nvidia reported a 94% year-over-year increase in revenue for the third quarter to $35.08 billion. However, this is still a slight decline from the previous three quarters, when sales increased by 122%, 262%, and 265%.
Net income during the quarter rose to $19.3 billion, compared to $9.24 billion in the same period a year ago.
All eyes are on Indian stocks linked to billionaire Gautam Adani, after the chairman of India’s Adani Group was indicted along with others in a New York federal court on charges related to a bribery and fraud scheme.
Japan Nikkei 225 fell 0.67%, and the broad-based Topix fell 0.22%. Semiconductor equipment supplier Advance was the Nikkei’s biggest loser, down more than 4%. The company announced its relationship with Nvidia in 2023.
South Korea Kospi was the region’s only outlier, rising 0.13%, while small-cap Kosdaq fell 0.58%. Nvidia supplier SK Hynix traded 0.59% higher, while heavyweight Samsung Electronics gained 0.7%.
Australia’s S&P/ASX 200 reverse the initial gains to trade marginally below the flatline.
Futures for Hong Kong’s Hang Seng index stood at 19,636, indicating a weaker open compared to the HSI’s close of 19,705.
Overnight in the US, the S&P 500 ended Wednesday flat, with Nvidia shares down nearly 1% ahead of the company’s anticipated earnings report. Investors also weighed in on disappointing results from Target.
The tech-heavy Nasdaq Composite lost 0.11%, while the broad index closed little changed at 5,917.11, the Dow Jones Industrial Average was the bright spot, gaining 0.32%.
— CNBC’s Samantha Subin and Brian Evans contributed to this report.
Correction: This story has been updated to reflect the correct Hang Seng close on Wednesday.
