In this photo illustration the Nvidia logo is displayed on a smartphone screen and in the background.
Rafael Henrique | SOPA Images | Lightrocket | Getty Images
Asia-Pacific markets started Tuesday mixed as tech shares pushed the Nasdaq Composite to record highs.
Nvidia shares gained more than 2% overnight on multiple bullish analyst calls that highlighted the company’s preeminent market position.
Several Wall Street firms also increased their price target on the AI darling ahead of its earnings report, suggesting shares could gain as much as 30% from their current levels.
The tech-heavy Nasdaq gained 0.65% to reach an all-time intraday high and close at a record level at 16,794.87.
Investors in Asia will be watching for any spillover effect on companies up and down Nvidia’s value chain, such as Taiwan’s TSMC and Foxconn, as well as South Korea’s Samsung Electronics and SK Hynix.
Japan’s Nikkei 225 continued its run above the 39,000 mark, gaining 0.53% on open. The broad-based Topix was up 0.35%.
South Korea’s Kospi was down 0.37%, while the small-cap Kosdaq was trading close to the flatline.
Separately, the Australian S&P/ASX 200 slipped 0.17% as investors awaited the minutes of its May meeting later Tuesday.
Meanwhile, futures for Hong Kong’s Hang Seng index stood at 19,498, pointing to a weaker open compared to the HSI’s close of 19,636.22.
Overnight in the U.S., the Dow Jones Industrial Average lagged the broader market, in contrast to the Nasdaq, as JPMorgan Chase led losses.
Shares of JPMorgan declined 4.5% as CEO Jamie Dimon signaled during the bank’s annual investment meeting that his retirement may be sooner than previously stated. Dimon also said the bank would not but back shares at their current levels.
The 30-stock Dow fell 0.49%, while the broad market S&P 500 inched up 0.09%.
— CNBC’s Lisa Kailai Han and Hakyung Kim contributed to this report.