Asian AI stocks rise as CoreWeave jumps 13% after earnings beat

Asian technology stocks advanced on Wednesday as stronger-than-expected earnings from AI cloud provider CoreWeave revived confidence in infrastructure demand, lifting semiconductor shares in South Korea, Japan and Taiwan.

However, gains were uneven, with Chinese and Hong Kong technology stocks remaining under pressure after hotter U.S. inflation data revived concerns over further interest-rate increases.

CoreWeave shares surged nearly 13% in overnight trading after the company beat third-quarter revenue expectations and raised its full-year outlook, providing fresh evidence that demand for AI computing capacity remains robust despite recent concerns over financing costs and the sustainability of infrastructure spending.

The company reported third-quarter revenue of $3.66 billion, up 168% from a year earlier and above analyst estimates of around $3.55 billion. It lifted its 2026 revenue forecast to $13 billion-$13.3 billion, from a previous range of $12 billion-$13 billion.

CoreWeave's results come after its shares had lost more than 40% over the previous month amid concerns about its debt-funded expansion.

South Korea's KOSPI climbed 1.8%, with SK Hynix rising 3.6% and Samsung Electronics gaining 2.4%. Japan's Nikkei 225 advanced 1.2%, while the TOPIX added 0.8%.

Among Japanese suppliers, Kioxia jumped 3%, TDK gained 3.4% and Murata Manufacturing rose 2.7%. Taiwan Semiconductor Manufacturing added 2.6%, while Largan Precision advanced 3%.

Nasdaq 100 futures rose 1.23% and S&P 500 futures gained 0.56% in Asian trading, extending the positive read-through from CoreWeave's results.

The rebound was less evident in China, where the CSI 300 slipped 0.2% and the Shanghai Composite fell 0.2%. Hong Kong's Hang Seng lost 0.9%, with NetEase falling 2.7%, Meituan declining 2% and MiniMax dropping 2.6%.

The weakness followed stronger-than-expected U.S. inflation, which pushed Treasury yields higher and strengthened expectations of further Fed tightening. Higher borrowing costs threaten to raise financing expenses for AI infrastructure projects and weigh on valuations of growth-oriented technology companies.