Asian stock markets surged Thursday following Nvidia’s stronger-than-expected quarterly earnings, easing concerns that AI-driven stock valuations had climbed too high. U.S. futures and oil prices also rose.

Japan’s Nikkei 225 jumped as much as 4.2% before easing to 2.6%, closing at 49,801.81, boosted by tech stocks after Nvidia reported $57 billion in quarterly revenue. South Korea’s Kospi gained 3% to 4,047.57, led by technology and energy shares. Samsung Electronics rose 6.1%, while SK Hynix added 3.5%.

Chinese markets saw smaller gains, with Hong Kong’s Hang Seng up 0.1% to 25,867.87 and the Shanghai Composite rising 0.4% to 3,961.71. Taiwan’s Taiex climbed 3.2%. Australia’s S&P/ASX 200 advanced 1.2% to 8,546.10, led by tech stocks.

Wall Street had mixed results Wednesday. The S&P 500 rose 0.4%, ending a four-day losing streak, while the Dow Jones gained 47 points (0.1%) and the Nasdaq added 0.6%. Constellation Energy jumped 5.3% after the U.S. Department of Energy approved a $1 billion loan to restart its Three Mile Island nuclear plant. Lowe’s rose 4% on stronger-than-expected summer profits, offsetting a 2.8% drop for Target.

Nvidia, Wall Street’s largest stock, climbed 2.8% before the earnings release and surged 5.1% in after-hours trading. Analysts note that Nvidia’s results significantly influence the S&P 500 and reflect broader AI-driven market sentiment.

Investors also await the U.S. government’s September jobs report, which could affect Federal Reserve interest rate decisions. While the Fed has cut rates twice this year, some officials suggest a pause due to persistent inflation above the 2% target.

In commodities, U.S. crude rose 16 cents to $59.41 per barrel and Brent crude edged up 16 cents to $63.67. The dollar strengthened to 157.32 Japanese yen, while the euro fell to $1.1520.