Asian markets are struggling to make headway as a bout of nerves over AI valuations held back investors ahead of an earnings update from chip titan Nvidia.

The tech-heavy Nasdaq fell 1.2 per cent overnight, notching a second straight day of losses. Valuation jitters have knocked it more than 6 per cent below a record peak hit late in October.

S&P 500 futures and Nasdaq 100 futures teetered around flat in the Asia morning. Japan's Nikkei made an unsteady 0.4 per cent gain in early trade on Wednesday and South Korea's Kospi fell 0.8 per cent.

Nvidia, which sells the graphics processing units (GPUs) underpinning artificial intelligence, has been at the heart of a rally that has carried stock markets around the world to record highs and lifted any stock with even tangential links to AI.

It

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