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STOCKS 0015 GMT — Japanese stocks decline as uncertainty over the Iran war and its economic implications persists. Chip-related stocks are leading declines ahead of Nvidia’s quarterly earnings later Wednesday.
Japanese companies posted their largest earnings beat in five years despite soaring oil costs, fueling hopes that strong profit growth across sectors can broaden the market rally beyond AI-related trades.
Japanese stocks were lower in early trade following Wednesday’s sharp gains led by artificial intelligence-related shares.
Investing.com-- Tokyo Electron Ltd. (TYO:8035) shares rose sharply on Friday after the Japanese chipmaking equipment maker forecast above-consensus earnings for the first half of the fiscal year, thanks to outsized AI-fueled demand.
Earnings per share for the fiscal third quarter were $1.47, besting Wall Street’s consensus estimate of $1.36, and up from $1.04 last year.