Shares rallied Thursday across Asia, tracking gains on Wall Street after pressure from the bond market eased and oil prices fell back.

The advance was also powered by a stronger-than-expected quarterly report from chipmaker Nvidia, whose profit rocketed more than 200 per cent higher in the February-April quarter from a year earlier, while revenue jumped 85 per cent.

Nvidia has been one of the biggest beneficiaries from the boom in artificial intelligence, thanks to powerful demand for its high-end AI chips. Its shares rose 1.3 per cent on Wednesday before its earnings report was released, but they fell 1.3 per cent in afterhours trading after the announcement.