NVIDIA shares surge 9% on explosive earnings as Tim Cook prepares to exit Apple

NVIDIA shares surged nearly 9% following an explosive quarterly earnings report, which showed revenue jumping 106% year-over-year to $96.2 billion. This performance bolstered US markets, with the S&P 500 and Nasdaq also posting gains. TSMC ADRs rose 2.30% in sympathy with the semiconductor rally.

At Apple, a farewell party was held at Apple Park for CEO Tim Cook ahead of his scheduled departure on September 1. During the event, Cook unexpectedly mentioned and thanked his same-sex partner, Mike. Cook will transition to Executive Chairman, with John Ternus set to succeed him. Apple is also expected to hold its autumn product launch on September 9.

In the AI sector, DeepSeek reported that its revenue for the first seven months of 2026 reached 475 million yuan, a tenfold increase compared to the previous year, though it still faces a net loss of 715 million yuan. Meanwhile, Tencent executives addressed criticisms regarding the company's AI development pace, stating that while computing power shortages have impacted progress, long-term persistence is key to capturing future opportunities.