Asia stocks trade mixed on Thursday following a Wall Street's rally after Nvidia’s strong earnings eased AI valuation concerns. Sentiment was also supported by the PBoC’s decision to keep key lending rates at record lows for a sixth straight meeting.

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Nvidia has grown to become the largest stock on Wall Street and briefly topped $5 trillion in value. That means its stock movements carry more weight on the S&P 500 than any other stock, and it can single-handedly steer the index’s direction some days.

U.S. stocks ended a choppy session higher on Wednesday, bouncing off recent losses as technology stocks rose ahead of Nvidia's quarterly results. Nvidia shares gained more than 5% after ending the regular session up 2.

Nvidia reported more eye-catching numbers for its fiscal third quarter Wednesday, with net income jumping 65% and revenue increasing 62% from a year earlier