FX.co ★ Asian Stocks Gain on Chip Rally

Asian equity markets mostly advanced on Wednesday, following gains on Wall Street as semiconductor stocks rallied on renewed optimism about AI-driven demand. Investors largely shrugged off higher oil prices after the US carried out strikes on Iranian targets for an 11th consecutive night, while President Donald Trump downplayed the prospect of near-term talks with Tehran. Technology-heavy markets in Japan and South Korea led the regional gains, with equities in Australia and China also closing higher. In corporate news, China’s Moonshot AI is reportedly preparing to launch talks in August for a final funding round ahead of its planned Hong Kong listing, targeting a valuation of up to $50 billion.