# ASX Set to Climb, AMD Leads Tech Surge on Wall Street
*Based on reporting from Sarah Turner, The Australian Financial Review*
The Australian share market is expected to open higher, following robust gains for technology stocks on Wall Street. US markets surged overnight, led by semiconductor giant AMD and a broader tech rally, fueling optimism for a positive session for the ASX. As the financial world closely tracks global indices and major corporate results, the uptrend signals renewed investor confidence amid evolving macroeconomic dynamics.
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## Global Markets Overview
### Wall Street’s Upward Momentum
US equity indices ended higher in the latest session as investors cheered strong performances from major technology companies. Notably, chipmaker Advanced Micro Devices (AMD) catalyzed much of the sector’s gains, bolstered by upbeat revenue expectations and positive market sentiment.
Key points from the latest Wall Street close include:
– **Dow Jones Industrial Average:** Rose 0.8 percent, extending its recent rebound.
– **S&P 500:** Gained 0.9 percent, led primarily by technology shares.
– **Nasdaq Composite:** Advanced 1.2 percent as megacap tech stocks outperformed the broader market.
Behind the scenes, the ongoing artificial intelligence boom and robust demand for high-performance chips are propelling semiconductor companies such as AMD and NVIDIA. Both firms have recently posted strong quarter-over-quarter sales growth, further fueling equity market enthusiasm.
### Tech Sector Drives the Rally
– **AMD:** Shares soared over 5 percent after the company projected stronger future demand for AI-focused processors. Investors interpreted the guidance as an indication of the tech sector’s resilience and growth potential despite ongoing concerns about inflation and interest rates.
– **NVIDIA:** The industry leader in graphics processing also enjoyed significant gains, buoyed by news of increased investments in data center technologies and continued dominance in the AI computing space.
– **Apple, Microsoft, Alphabet:** These household names contributed to the rally, with investors encouraged by healthy balance sheets, strategic investments, and expectations of sustained earnings growth.
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## Australian Share Market Outlook
### ASX: Poised for Gains
Following Wall Street’s lead, the S&P/ASX 200 index is tipped to open higher. Futures trading ahead of the session pointed to a rise of approximately 0.3 percent, building on recent gains across mining, technology, and financial stocks.
#### Key Factors Supporting the ASX Upswing:
– **Tech Momentum:** The global surge in technology shares is expected to flow through, with Australian tech and semiconductor stocks on investors’ radars.
– **Commodity Prices:** Renewed strength in key commodities, particularly iron ore and gold, provides a solid foundation for mining heavyweights such as BHP, Rio Tinto, and Newcrest Mining.
– **Banking Sector:** Australia’s major banks continue to benefit from a stable economic backdrop and healthy lending activity, drawing steady interest from institutional investors.
### Local Economic Signals
Australia’s latest economic data shows resilience
Read more on AUD/USD trading.