Global equities have struggled of late owing to warnings that valuations -- particularly in the tech sector -- have been overdone and are due a pullback, and possibly a sharp correction, following a record-breaking rally this year.

Wednesday's report from Nvidia -- one of the torchbearers of the AI revolution -- was therefore seen as a bellwether on the industry.

And it topped expectations on fierce demand for its sophisticated chips, with chief executive Jensen Huang brushing off the recent concerns.

"There's been a lot of talk about an AI bubble," he told an earnings call. "From our vantage point, we see something very different."

Shares in the firm -- which last month became the world's first $5 trillion stock -- rose more than five percent in post-market trade, while S&P 500 and Nasdaq futures also soared.

Tech firms led the gains in Asia. South Korea's Samsung and SK hynix, Taiwan's TSMC and Japanese investment giant SoftBank all enjoyed a strong day.

Among broader markets, Tokyo, Seoul and Taipei were up between 1.9 percent and 3.2 percent.

Sydney, Singapore, Wellington, Mumbai, Bangkok and Jakarta were also well up, as well as London, Paris and Frankfurt.

Hong Kong pared gains to end flat and Shanghai finished lower.

However, SPI Asset Management's Stephen Innes said: "Nvidia's latest forecast has, for now, dulled the sharpest edges of the AI-bubble anxiety that had gripped global markets.

"But make no mistake: this is still a market balancing on a wire stretched between AI euphoria and debt-filled reality.

"Nvidia's results may have bought the tape a reprieve, but they haven't rewritten the script -- they've simply reminded traders why they still cling to the idea that one last Santa-rally can be extracted from the AI supercycle."

The reading helped offset minutes from the Fed's October policy meeting suggesting officials are against cutting rates for the third time in a row next month.

Bets on a string of reductions going into 2026 have been part of the driver of this year's stocks rally -- helped by a softening labour market -- but the persistence of big price gains has started to take a toll.

"Many participants suggested that, under their economic outlooks, it would likely be appropriate to keep the target range unchanged for the rest of the year," the minutes said.

Fed boss Jerome Powell said after last month's decision that a December move was "not a foregone conclusion".

Thursday is expected to see the release of US jobs data for September, which was delayed by the government shutdown. However, the Bureau of Labor Statistics said it would not publish its October figures, instead rolling them into November's full report on December 16.

Rodrigo Catril at National Australia Bank said: "The question that follows is whether there will be enough information in December for Fed officials to make a decision."

He said the removal of the October report "leaves policymakers without a key piece of evidence for the December (policy meeting), prompting traders to sharply scale back expectations for a rate cut next month" to just 28 percent.

The pullback in US rate cut expectations saw the dollar rally to 157.73 yen, its strongest since January, spurring talk of an intervention by Japanese authorities.

Top government spokesman Minoru Kihara told reporters officials were "currently observing one-sided and rapid movements in the foreign exchange market, and we are concerned about it".

The yen was already under pressure from concerns about Japan's fiscal outlook before the expected release of a stimulus package by Prime Minister Sanae Takaichi.

Worries that she will push for more borrowing have hit the currency and sent bond yields to record highs.

- Key figures at around 0815 GMT -

Tokyo - Nikkei 225: UP 2.7 percent at 49,823.94 (close)

Hong Kong - Hang Seng Index: FLAT at 25,835.57 (close)

Shanghai - Composite: DOWN 0.4 percent at 3,931.05 (close)

London - FTSE 100: UP 0.7 percent at 9,572.10

Dollar/yen: UP at 157.47 yen from 157.01 yen on Wednesday

Euro/dollar: DOWN at $1.1520 from $1.1526

Pound/dollar: UP at $1.3067 from $1.3048

Euro/pound: DOWN at 88.15 from 88.33 pence

West Texas Intermediate: UP 0.4 percent at $59.70 per barrel

Brent North Sea Crude: UP 0.4 percent at $63.79 per barrel

New York - Dow: UP 0.1 percent at 46,138.77 (close)

dan/dhw

NVIDIA

S&P Global Ratings

Samsung Electronics

TSMC - TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY

SOFTBANK GROUP

NATIONAL AUSTRALIA BANK

INDEX CORP.

Dow