Asian markets rise on AI chip optimism despite Iran war concerns

Asian shares mostly rose Wednesday, led by a 1.3% jump in Japan's Nikkei 225 to 66,318.81, driven by optimism over artificial intelligence and computer chips despite ongoing concerns about the U.S. war with Iran. Australia's S&P/ASX 200 gained 0.9%, while Hong Kong, Shanghai, and South Korea saw smaller moves. SoftBank Group surged about 6% in Tokyo, and Japanese chip stocks like Renesas Electronics and Rohm Co. also gained. This followed a modest decline on Wall Street Tuesday, where the S&P 500 fell 0.2% to 7,670.84, as rising long-term Treasury yields undercut gains from tech giants like Nvidia. Oil prices remained elevated, with Brent crude at $103.48 a barrel, well above pre-war levels, and the 10-year Treasury yield hit 5.28%, its highest since 2002. Mediators continued efforts to end the conflict, while U.S. inflation above 3% keeps expectations of another Federal Reserve rate hike in October.