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Asian shares surged and oil prices slipped Wednesday after the U.S. stock market rallied to records, helped by strong corporate earnings reports and hopes for a deal setting the stage for talks that might eventually lead to an end to the war in Iran. Japan's Nikkei 225 gained 3.3% to 66,068.24, with chipmaker Kioxia surging 6.3% while chip testing equipment maker Advantest soared 6.9%. Tech giant Samsung Electronics advanced 4.1%.

0014 GMT — Japanese stocks are lower in early trade following overnight drops in U.S. technology stocks. Uncertainty over the Iran conflict is also weighing on the market. Investors are closely watching crude oil prices and developments in the Middle East after Saudi Arabia said it had intercepted drones that Iran-backed militias in Iraq had launched at the kingdom’s oil facilities.

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(Bloomberg) -- Memory chipmaker Kioxia Holdings Corp. replaced Toyota Motor Corp. to become Japan’s largest company by market value, underscoring how the global artificial intelligence boom is reshaping the country’s corporate landscape. Most Read from BloombergSpaceX IPO Raises $75 Billion in Biggest Debut of All TimeXbox Plans Significant Layoffs as New CEO Plans OverhaulTrump Insists Iran Deal Is Close After Scrapping New StrikesTrump Vows New Attacks on Iran, Threatens Key Energy TargetsUAE

Japan’s Nikkei 225 index topped 68,000 for the first time on Wednesday after U.S. stocks pushed further into record territory. The dollar briefly surpassed 160 Japanese yen before slipping back slightly. Buying of technology shares linked to the boom in artificial intelligence has been driving rallies worldwide.