Asian equities traded unevenly on Wednesday as semiconductor stocks extended gains on optimism over artificial-intelligence demand, offsetting broader technology weakness after a soft Wall Street session. Oil prices approached $100 a barrel as fighting involving Iran-backed Houthis and U.S. forces intensified, adding to inflation and interest-rate concerns. Investors are awaiting Friday’s U.S. CPI report, with markets pricing about a 60% chance of a 25-basis-point Fed increase at the September 15-16 meeting. South Korean shares outperformed after stronger-than-expected second-quarter growth, while Japan’s wage gains supported expectations for a BOJ hike next week. Chinese data showed higher inflation and producer prices but still-weak core demand, alongside strong exports and rising reliance on external demand and AI-related products. Oracle and Adobe earnings on Thursday will offer further clues about AI infrastructure spending and its effect on traditional software businesses.