Asian stocks had a muted start Tuesday and mostly drifted lower as investors reduced risk ahead of Nvidia’s earnings, a key test for the artificial-intelligence rally given elevated expectations for the chip bellwether and the broader AI ecosystem of chipmakers and data-center financiers. Technology shares stayed under pressure after Alibaba’s $10.2 billion discounted share sale to fund AI ambitions and disappointment over Samsung Electronics’ shareholder-return plan. Shares of Unitree, China’s best-known humanoid robot maker, were largely flat after a roughly 45% slump from levels seen after a more than fivefold jump on its Shanghai debut, raising concerns about bubble risk, retail losses and IPO-system flaws. Oil nursed losses after the U.S. expansion of Iran sanctions—framed as an “economic D-Day”—stopped short of the most punishing steps and was seen as a damp squib, while Tehran vowed retaliation and expressed confidence major trading partners would resist. Markets also watched German GDP and the Ifo survey for signs of the economic cost of higher-for-longer energy prices, alongside German and UK debt auctions, U.S. consumer confidence and remarks from Richmond Fed President Thomas Barkin.