27/08/2026
Buoyed by Nvidia’s upbeat sales forecast, global stock and futures markets have rallied, fueling optimism that the AI stock rally still has room to run for the remainder of the year. Meanwhile, crude oil prices have extended their declines amid divergent movements across major asset classes.
In the Asia-Pacific equity market, the MSCI Asia Pacific Index rose 0.3%, led by semiconductor giants including SK Hynix, Samsung Electronics and Kioxia. The KOSPI, a key benchmark for AI investment sentiment, gained 1.1% after paring earlier gains during the trading session.
U.S. markets were strongly boosted by Nvidia’s positive guidance. Hinting at robust sales growth through 2028, Nvidia pushed Nasdaq 100 futures up as much as 1.3% before the rally moderated. Nvidia’s stock climbed 4.7% in after-hours trading, driving broader gains in AI-related stocks such as Marvell Technology Inc. and Sandisk Corp.
Commodities markets showed stark divergence. Brent crude fell for the fourth consecutive session, trading at around $87.30 per barrel. Traders are weighing competing forces: diplomatic developments in the Middle East and escalating geopolitical tensions between Russia and Ukraine, resulting in cautious market sentiment.
Food inflation risks have intensified amid supply disruptions. Persistent attacks on Black Sea shipping and infrastructure have curtailed grain shipments from one of the world’s most critical grain hubs, pushing wheat futures to a three-year high and reigniting concerns over global food inflation. Gold prices edged higher, trading near $4,610 per ounce.
The bond market remained cautious. With key U.S. inflation readings staying above the Federal Reserve’s 2% target, traders have increased bets for a Fed rate hike later this year. Short-dated U.S. Treasuries underperformed, with the two-year Treasury yield rising 1 basis point to 4.22%. Money markets have now fully priced in a rate hike in December.
Nvidia’s latest outlook reinforces robust spending momentum across AI infrastructure, easing market fears that the AI investment boom is fading. After a period of volatility in tech stocks, investors have been closely watching whether massive AI capital expenditures can sustain corporate earnings growth. Nvidia’s stronger-than-expected forecast has bolstered earnings expectations for the entire AI sector.
During the earnings call, Nvidia CFO Colette Kress disclosed that the company expects fiscal 2028 revenue to surge approximately 70% year-over-year, well above the consensus analyst forecast of a 45% increase.
Chinese AI startups also demonstrated explosive growth momentum. Although MiniMax Group Inc. lags peers such as Z.AI Co. in the development and release of top-tier large language models, the Chinese start-up posted a staggering 283% year-over-year revenue surge in the first half of 2026.
The latest U.S. inflation and consumption data provided critical guidance for Fed monetary policy. The core Personal Consumption Expenditures (PCE) price index, which excludes food and energy costs, rose 0.2% month-on-month and 3.3% year-on-year. The headline PCE index climbed 3.7% year-on-year in July, remaining firmly above the Fed’s 2% inflation target. Inflation-adjusted consumer spending was flat month-on-month after rising in May and June.
Combined with July’s data pointing to a cooling U.S. economy, the inflation readings reinforce market expectations that policymakers will keep interest rates on hold in the near term.
Market focus has now shifted to the upcoming Jackson Hole Economic Symposium. Fed Chair Kevin Walsh is set to deliver his first major speech since taking office. After facing criticism for vague economic commentary, the speech is expected to offer clearer clues on the Fed’s policy path and guide market sentiment going forward.
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