Most Asian markets rallied on Thursday after blowout earnings from chip powerhouse Nvidia cooled worries over an AI bubble and overshadowed a Federal Reserve report that dealt a blow to hopes for a December interest rate cut.

Global equities have struggled of late owing to warnings that valuations -- particularly in the tech sector -- have been overdone and are due a pullback, and possibly a sharp correction, following a record-breaking rally this year.

Wednesday's report from Nvidia -- one of the torchbearers of the AI revolution -- was therefore seen as a bellwether on the industry.

And it topped expectations on fierce demand for its sophisticated chips, with chief executive Jensen Huang brushing off the recent concerns.

"There's been a lot of talk about an AI bubble," he told an ear

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