Asia stocks buoyed by AI rush, gold at fresh peaks

• Asian stock markets : https://tmsnrt.rs/2zpUAr4
• Chip optimism underpins tech stocks, Japan on holiday
• Gold hits a fresh high above $3,750 an ounce
• Dollar, bonds steady before Powell comments, PMIs

SYDNEY, Sept 23 (Reuters) - Asian share markets looked to build on recent hefty gains on Tuesday as optimism around all things AI sucked money into the tech sector, while wagers on several more U.S. interest rate cuts kept gold on a hot streak.

Wall Street had been led to another record as Nvidia .NVDA announced it would invest up to $100 billion in OpenAI with the first data centre gear to be delivered in the second half of 2026.

"With U.S. tech/AI currently in red-hot form, we'd need to see something leftfield to derail the upbeat flows that are the driving force of Oracle, Apple, Nvidia, Tesla, and some of the U.S. hardware plays," said Chris Weston, head of research at broker Pepperstone.

The seemingly inexorable rise in tech was attracting money from momentum funds and option players, becoming almost self fulfilling. Weston also noted investors were hedging their exposure to equities by buying gold, another asset with strong momentum right now.

The metal XAU= hit a fresh record at $3,755.47 per ounce, to nearly 9% higher for the month so far. GOL/

The rush into tech has been a boon for chip sectors in many Asian markets, with South Korean stocks .KS11 up 0.2%, having surged almost 9% this month.

Japan's Nikkei .N225 was closed for a holiday but has climbed 6.5% so far in September, while Taiwan .TWII has risen almost 7%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.3%, to be 5.5% higher on the month.

Chinese blue chips .CSI300 nudged up 0.1%.

European equity markets have tended to lag in the tech rush and EUROSTOXX 50 futures STXEc1 were up 0.1% on Tuesday. FTSE futures FFIc1 also added 0.1%, while DAX futures FDXc1 edged up 0.2%.

S&P 500 futures ESc1 and Nasdaq futures NQc1 were both little changed having hit new peaks overnight. .N

MIXED MESSAGING FROM FED

Equities globally have been underpinned by expectations of a series of further rate cuts from the Federal Reserve following last week's easing.

Futures imply around a 90% chance of a further quarter-point rate cut in October, and a 75% probability of an easing in December as well. 0#USDIRPR

Markets remain doggedly dovish despite mixed messaging from the Fed itself. Speaking on Monday, new Fed Governor Stephen Miran, hand picked by President Donald trump, argued for sharply lower rates, but three of his colleagues said the central bank needed to remain cautious about inflation.

Fed Chair Jerome Powell will get his own chance to weigh in later on Tuesday when he speaks on the economic outlook and takes questions on policy.

A host of PMI surveys on manufacturing out on Tuesday will provide an update on how industry globally is faring in the face of U.S. tariffs.

Treasuries have also been underpinned by the outlook for lower short-term rates, though the market is bracing for a flood of government and corporate debt to absorb this week.

The Treasury sale kicks off with $69 billion in two-year notes later Tuesday, followed by $70 billion in five-year notes and $44 billion in seven-year paper.

The clock is also ticking on a possible U.S. government shutdown ahead of a September 30 funding deadline.

In currency markets, the dollar continued its recent see saw pattern, easing overnight after three sessions of gains.

The euro was steady at $1.1809 EUR=EBS, after bouncing from a $1.1726 low on Monday, while the dollar had faded to 147.68 yen JPY=EBS from a top around 148.37.

Sweden's crown SEK= held at 9.3497 per dollar as markets waited to see if the country's central bank would cut rates at a meeting later in the day. Futures imply around a one-in-three chance of an easing.

In commodity markets, oil prices were restrained as concerns of an oversupply outweighed geopolitical tensions in Russia and the Middle East. O/R

Brent LCOc1 eased 0.2 to $66.46 a barrel, while U.S. crude CLc1 dipped 0.1% to $62.21 per barrel.