A series of major political and market developments unfolded, with US President Donald Trump preparing to meet New York City’s incoming mayor, to South Korea urging renewed dialogue with Pyongyang.
In markets, Asian semiconductor stocks surged on optimism surrounding Nvidia’s earnings, while the chipmaker itself delivered a blockbuster quarter that reinforced confidence in the global AI spending cycle.
Trump to host Mayor-elect Zohran Mamdani at the White House
President Donald Trump confirmed he will meet New York City Mayor-elect Zohran Mamdani at the White House on Friday, following a request from the incoming mayor.
Mamdani, a democratic socialist who defeated former Governor Andrew Cuomo in both the Democratic primary and general election, is set to discuss public safety, economic security, and affordability concerns with the president.
Trump announced the meeting on Truth Social and noted that details will be released later.
The meeting marks part of the typical transition process for an incoming city administration.
Mamdani said in an interview that he intends to speak “plainly” to the president about the struggles many New Yorkers face, including rising living costs, child care concerns, rent burdens, and public utility pressures.
Cost of living, he said, was a recurring theme among voters who supported Trump in the election.
South Korea urges North Korea to resume dialogue over border tensions
South Korea’s ruling Democratic Party called on North Korea to return to dialogue following a series of incursions across the inter-Korean border this year.
Party floor leader Kim Byung-kee said that responding to Seoul’s proposal for talks would mark an important opportunity to resume inter-Korean engagement under President Lee Jae-myung’s administration.
According to Yonhap, North Korean troops have crossed the Military Demarcation Line roughly 10 times this year, prompting South Korean forces to issue warning shots and broadcasts.
Seoul’s proposal aims to reduce the risk of further clashes along the heavily fortified border.
Nvidia’s strong quarter reinforces confidence in AI spending cycle
Nvidia beat Wall Street estimates decisively, reporting $57 billion in quarterly revenue—above its $54 billion guidance—and earnings per share of $1.30.
Nvidia’s shares surged 5% after the earnings beat in after market hours trading.
But the standout figure was its bullish $65 billion revenue forecast for the fourth quarter, signaling no slowdown in AI infrastructure spending.
Data center revenue reached $51.2 billion, rising 25% from the prior quarter and 66% year-over-year, underscoring strong adoption of its next-generation Blackwell chips.
Gross margins held at 73.6% and are expected to expand to up to 75% next quarter.
Free cash flow surged to $22.1 billion, up 64% sequentially, further strengthening the company’s balance sheet.
Nvidia emphasized that the AI capital expenditure cycle remains strong and is accelerating into 2026, countering investor fears of an imminent slowdown.
Asian chip stocks rally on Nvidia earnings optimism
Asian semiconductor stocks surged Thursday after Nvidia reported stronger-than-expected quarterly results, easing concerns that rapid investment in AI infrastructure may be forming a market bubble.
The rally lifted major regional indexes, reflecting renewed confidence in the semiconductor cycle.
SK Hynix rose 4%, while Samsung Electronics climbed 6.2% as investors bet on strong demand for high-bandwidth memory used in Nvidia’s AI chips.
TSMC advanced 3.94%, and Foxconn added over 3.2%. In Japan, Renesas, Tokyo Electron, and Lasertec also posted solid gains.
Broader markets moved higher, with the TAIEX and KOSPI gaining more than 3% each.
Japan’s Nikkei reclaimed the 50,000 level.
SoftBank Group rose 2.6% despite having sold its Nvidia stake, supported by its Arm ownership and participation in AI projects, including the $500 billion Stargate initiative.
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