Iran War Jitters Weigh On Asian Stocks, Oil Rises, Gold Weakens

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asian markets traded mixed after reports emerged that the U.S. intercepted at least three Iranian oil tankers in Asian waters, denting investor confidence and raising fears that the Middle East conflict could drag on.

Earlier in the session, stocks in Japan and South Korea hit record highs, tracking overnight gains on Wall Street after President Donald Trump extended a ceasefire with Iran, lifting sentiment alongside strong corporate earnings.

Japan’s Nikkei 225 briefly touched an all-time intraday high before slipping 0.4% to 59,585. South Korea’s Kospi also reached an all-time intraday high, before ending the session 0.9% higher to 6,475. On the flip side, Hong Kong’s Hang Seng index was down 0.9% to 26,032, while Singapore’s Straits Times Index declined 0.5% at 4,950. Australia’s S&P/ASX 200 slipped 0.3% to 8,793.

During Wednesday’s session on Wall Street, the S&P 500 rose 1% to close at 7,138, while the Nasdaq Composite gained 1.6% to settle at 24,658 after hitting a record intraday high. The Dow Jones Industrial Average advanced 0.7%, to finish at 49,490.

European stocks are expected to open lower on Thursday, with sentiment weighed by rising oil prices and cautious market mood.

Oil prices extended gains on Thursday after peace talks between the U.S. and Iran stalled, while continued restrictions on trade through the Strait of Hormuz kept supply concerns elevated. International benchmark Brent crude for June delivery rose 1% to $103 a barrel, after settling above $100 for the first time in more than two weeks on Wednesday. US West Texas Intermediate futures for May delivery were also up 1% at $94.

Gold declined as higher oil prices raised concerns about inflation and prolonged high interest rates. Spot gold was down 0.5% at $4,715 per ounce, while US gold futures for June delivery edged 0.4% lower to $4,733. Spot silver also plunged 2.2% to $76 per ounce.

Gold prices slipped at the open in Dubai on Thursday, with losses for the week exceeding Dh15 per gram. Data from the Dubai Jewellery Group showed 24K gold at Dh566.75 per gram, down from Dh569.25 at Wednesday’s close. The metal has fallen Dh15.5 per gram so far this week. Other variants were also lower, with 22K at Dh524.75, 21K at Dh503.25, 18K at Dh431.25 and 14K at Dh336.5 per gram.

Here’s a look at some of the important developments across the global markets:

SpaceX explores in-house GPUs as AI investment ramps up pre-IPO

SpaceX is reportedly considering manufacturing its own graphics processing units (GPUs) as it ramps up spending on artificial intelligence and prepares for a potential IPO. In its S-1 filing, the company listed “manufacturing our own GPUs” among its planned capital expenditures, highlighting concerns around chip supply constraints and rising costs. The move comes as SpaceX steps up investments in AI and related technologies ahead of its expected public listing, which could value the company at about $1.75 trillion.

Tesla plans to use Intel’s 14A chips in Terafab AI project

Tesla plans to use Intel’s next-generation 14A manufacturing process to produce chips for its proposed Terafab AI complex in Austin, CEO Elon Musk said. The deal would make Tesla the first major external customer for Intel’s 14A technology, a key step for the chipmaker as it builds its contract manufacturing business to compete with TSMC. Intel had earlier indicated it was in talks with large customers for 14A but had not named any. Intel shares rose 3.6% in extended trading. The company recently joined Tesla and SpaceX in the Terafab project, aimed at producing chips for AI, robotics and data centres.

Microsoft to invest $18 billion in Australia to boost AI, cloud capacity

Microsoft said it will invest A$25 billion ($17.9 billion) in Australia by 2029 to expand its cloud computing and artificial intelligence capacity, as demand for the technology grows in the country. The investment will support the expansion of its Azure AI supercomputing and cloud infrastructure, strengthen cybersecurity and fund AI skills development. CEO Satya Nadella said the initiative is Microsoft’s largest investment in Australia to date and will help drive economic growth and broader adoption of AI.

SK Hynix posts record profit as AI demand lifts memory prices

South Korean memory chip giant SK Hynix reported record first-quarter profit on Thursday, as strong demand for artificial intelligence drove up memory prices. The chipmaker said revenue for the March quarter nearly tripled from a year earlier, crossing 50 trillion won for the first time. Operating profit rose five-fold year-on-year and nearly doubled from the previous quarter, with margins hitting a record 72%. The company said gains were driven by higher prices and strong demand for high-bandwidth memory (HBM), widely used in AI data centres, where it remains a leading supplier.

South Korea Q1 growth beats estimates as chip exports surge

South Korea’s economy grew faster than expected in the first quarter of 2026, supported by strong semiconductor demand, central bank data showed on Thursday. Gross domestic product rose 1.7% from the previous quarter, above the 1.0% estimate, marking the fastest pace of growth since the third quarter of 2020. Exports jumped 5.1%, led by shipments of semiconductor and IT components used in artificial intelligence infrastructure. Private consumption rose 0.5%, while facility investment rebounded, rising 4.8% after a decline in the previous quarter. On an annual basis, the economy expanded 3.6%, accelerating from 1.6% in the prior quarter and exceeding expectations of 2.7%.

SoftBank seeks $10 billion loan backed by OpenAI shares

SoftBank Group is reportedly seeking a $10 billion margin loan backed by its shares in OpenAI, as the Japanese investment firm ramps up borrowing to fund its push into artificial intelligence. The proposed two-year loan includes an option to extend by one year. It follows a $40-billion bridge loan secured in March to support investments in OpenAI and general corporate needs. SoftBank has also agreed to invest $30 billion in OpenAI through its Vision Fund 2. The move highlights SoftBank’s renewed focus on AI after a period of volatile returns from its Vision Fund investments.

Canada based Lululemon names former Nike executive Heidi O’Neill as CEO

Vancouver-based athleisure retailer Lululemon Athletica said former Nike executive Heidi O’Neill will take over as chief executive officer from September 8 and join the company’s board. The announcement comes as the retailer looks to steady operations after months of criticism over its performance and leadership. The company said O’Neill was selected for her experience in scaling businesses and driving growth. Her appointment comes as Lululemon faces rising competition from newer brands as well as larger global players.