21/10/2026
Asian equities rose in tandem with US stock index futures, as robust earnings from some of the biggest beneficiaries of the artificial intelligence boom lifted optimism toward technology shares.
The MSCI Asia Pacific Index climbed 0.9%, with twice as many stocks advancing as declining. South Korea’s KOSPI surged 3%, led by chip giants SK Hynix and Samsung Electronics, both gaining more than 5%.
AI infrastructure names remained under the spotlight. Elice Inc. jumped 30% in Seoul, staging a strong rebound from one of South Korea’s worst IPO debuts on record. In Australia, data-center developer Nextdc Ltd. tumbled 45% after cutting its earnings outlook and extending its capital expenditure plan.
The rally in Asian markets followed upbeat after-hours results from US firms. SpaceX reported net profit more than doubling market estimates, pushing its shares up 8% in after-hours trading. Super Micro Computer Inc. also beat forecasts, lifting AI infrastructure stocks; its shares soared 15% after the bell. The upbeat sentiment sent Nasdaq 100 futures 1% higher.
Separately, Elon Musk said SpaceX and Tesla have formed a special committee to explore a potential merger, marking the initial step toward what could become one of the largest corporate combinations in history.
Elsewhere, oil stabilized after choppy trading on Tuesday, as traders weighed conflicting news reports on prospects for ending hostilities between the US and Iran. Brent crude rose 0.6% in early Wednesday trade to near $109.40 per barrel. US Treasury bonds gave back part of the prior session’s gains, while the dollar edged higher against most G10 currencies.
Technology stocks were roiled last week by concerns over AI valuations and financing, but corporate earnings have offered some relief. Markets are now looking ahead to a slate of upcoming reports to assess whether growth can justify billions of dollars poured into computing infrastructure. Meta Platforms Inc. and Tesla are set to release earnings on Wednesday.
Across other asset classes, gold extended losses from the previous session. The precious metal hovered around $4,120 per ounce, down more than 1% from the start of the week.
US Treasury prices edged lower. The benchmark 10-year yield rose 2 basis points to 5.12%, with similar increases seen across the 2-year and 30-year maturities.
Turning back to AI, some market participants remain cautious. Billionaire Ken Griffin stated investors are “almost certainly” in an AI bubble, with many companies still debating how much capital to deploy into artificial intelligence and its potential transformative impact on the economy.
Investors have become more selective when allocating capital to the technology, a sharp contrast to the broad investment frenzy across the AI sector in recent years.
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