By Tom Westbrook
Publication Date: 2025-11-19 02:14:00
SINGAPORE, Nov 19 (Reuters) – Asian markets struggled to make headway on Wednesday as a bout of nerves over AI valuations held back investors ahead of an earnings update from chip titan Nvidia (NVDA.O).
The tech-heavy Nasdaq (.IXIC) fell 1.2% overnight, notching a second straight day of losses. Valuation jitters have knocked it more than 6% below a record peak hit late in October.
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S&P 500 futures and Nasdaq 100 futures teetered around flat in the Asia morning. Japan’s Nikkei (.N225) made an unsteady 0.4% gain and South Korea’s Kospi (.KS11) fell 0.8%.
Nvidia, which sells the graphics processing units (GPUs) underpinning artificial intelligence, has been at the heart of a rally that has carried stock markets around the world to record highs and lifted any stock with even tangential links to AI.
It reports after market close in the U.S. and is expected to deliver a 56% jump in its fiscal August-October quarter revenue to $54.92 billion, according to data compiled by LSEG.
“It looks like Nvidia’s stock price has been priced for perfection, so GPU demand must continue to grow strongly for many more years for the stock to stay up,” said Wong Kok Hoi, founder and CEO of APS Asset Management in Singapore.
JAPAN BONDS SLIDE
Simultaneously doubts are growing that the U.S. will cut interest rates…
