Asia stocks rise on Alphabet AI spending boost; oil rally caps gains

Asian equities advanced as Alphabet’s decision to lift annual capital spending by an additional $15 billion reinforced the AI infrastructure spending theme, boosting semiconductor and memory-chip shares across the region. South Korea’s KOSPI led gains, helped by SK Hynix and Samsung Electronics, while Japan and Hong Kong also rose. However, broader upside was capped by a fifth straight session of higher crude oil prices, which revived inflation concerns and tempered risk appetite. Oil climbed on geopolitical tensions after attacks on Saudi oil tankers in the Red Sea, keeping investors focused on potential supply disruptions and the implications for global interest rates. In Australia, stronger-than-expected June jobs data increased expectations for an RBA rate hike later this year. Overall, the market tone was constructive for tech and chip stocks, but mixed due to the drag from energy-driven inflation worries.