TOKYO – Asian markets mostly experienced gains in Wednesday’s trading, as U.S. stock indices returned to levels seen before last week’s concerns over the future of artificial intelligence. Investors showed cautious optimism, signaling a recovery in confidence.

U.S. stock futures moved slightly upward, while oil prices took a downturn. Japan’s leading index, the Nikkei 225, increased by 0.4%, closing at 51,063.31, reflecting a positive sentiment in the market.

Shares of SoftBank Group saw a 3.5% decline, after an initial drop of up to 9% earlier in the day. This came after the company announced it had sold its entire stake in Nvidia, a prominent AI chip manufacturer, for $5.83 billion last month. The sale was aimed at reallocating funds for other investment opportunities.

The investment community remains divided on whether the enthusiasm surrounding AI stocks will continue to drive the market. The spectacular rise of AI-related stocks has been a major factor in the U.S. market’s record highs, despite challenges such as a decelerating job market and persistent inflation. However, some critics draw parallels to the 2000 dot-com bubble, warning of potential overvaluation that once led the S&P 500 to plummet nearly 50%.

In other parts of Asia, the Hang Seng index in Hong Kong climbed 0.8%, reaching 26,913.90, while the Shanghai Composite made modest gains, inching up less than 0.1% to close at 4,006.17.

Australia’s S&P/ASX 200 shed 0.2% to 8,799.50. South Korea’s Kospi added 1.1% to 4,151.36.

On Tuesday, the S&P 500 added 0.2% to 6,846.61. It’s been bouncing around lately, coming off Monday’s vigorous rebound following its first losing week in four.

The Dow Jones Industrial Average surged 1.2%, to a record close of 47,927.96, surpassing its prior all-time high set two weeks ago. The Nasdaq composite lagged the market as Nvidia slipped 3% due to continued concerns that stocks caught up in the artificial-intelligence frenzy may have become too expensive. The Nasdaq dipped 0.3% to 23,468.30.

Helping to lead the market was Paramount Skydance, whose shares jumped 9.8% even though the entertainment giant reported revenue and profit for the latest quarter that fell short of Wall Street’s expectations. It was the company’s first earnings report since Skydance closed its acquisition of Paramount in early August.

Close behind was FedEx, which climbed 5.4% after it increased its forecast for profit in the current quarter. Instead of expecting growth from just the summer, the delivery company now also expects profit to rise in this year’s holiday-shopping season from last year’s.

In the U.S. bond market, trading was closed for the Veterans Day holiday.

What’s making the Federal Reserve’s job potentially more difficult is that the U.S. government’s shutdown has delayed important updates on jobs and other areas of the economy. The Senate has made moves to end what’s become the longest-ever shutdown, but it’s not assured.

In energy trading, benchmark U.S. crude declined 21 cents to $60.83 a barrel. Brent crude, the international standard, lost 21 cents to $64.95 a barrel.

In currency trading, the U.S. dollar edged up to 154.67 Japanese yen from 154.04 yen. The euro cost $1.1583, down from $1.1587.