Asian shares gain as most regional markets stay closed for Lunar New Year holidays

Shares in Asia were higher on Wednesday, with Japan's benchmark gaining more than 1% after a quiet finish for U.S. stocks. Most markets in Asia stayed closed for Lunar New Year holidays.

U.S. futures climbed slightly and oil prices also edged higher.

In Tokyo, the Nikkei 225 added 1.2% to 57,249.43 by midday as lawmakers prepared to reappoint Sanae Takaichi as prime minister following a landslide victory for her ruling Liberal Democrats in a Feb. 8 election.

Technology companies led the advance, with computer chipmaker Tokyo Electron gaining 3.5%.

Japan reported its exports jumped nearly 17% in January from a year earlier. The jump was partly driven by seasonal factors, but the AI boom also boosted shipments of computer chips and other components.

Shares in technology and energy giant SoftBank Group fell 2.8%, extending a more than 5% loss on Tuesday, after the administration of U.S. President Donald Trump announced that its subsidiary SB Energy will participate in a $33 billion natural gas facility, said to be the world's largest, near Portsmouth, Ohio.

That agreement is part of Japan's commitment of $550 billion in U.S. investments as part of a trade deal that raised tariffs on Japanese exports to the United States by 15%.

On Tuesday, U.S. stocks flipped between gains and losses.

The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.1%. The Nasdaq composite gained 0.1%.

Paramount Skydance helped lead the market, gaining 4.9% after Warner Bros. Discovery said it would allow Paramount a chance to give its ''best and final'' bid to buy the entertainment company. Paramount is trying to top an offer from Netflix.

Warner Bros. Discovery rose 2.7%, and Netflix added 0.2%.

On the losing end of Wall Street was General Mills, which sank 7% after the company behind Cheerios and Pillsbury warned that its customers are feeling uneasy.

Drops for some Big Tech stocks were the heaviest weights on the market Tuesday, including a 1.2% fall for Alphabet.

The moves were tentative, though, and Nvidia swung between being one of the market's heaviest weights and one of its biggest strengths.

Stocks of software and other companies have tumbled as investors hunted for companies that could be potential losers if AI ends up remaking the world and their industries.

The market has seen a sharp turnaround from last year, when the promise of AI helped drive U.S. stock indexes to record after record. Now, companies in industries as varied as software and legal services and trucking have seen investors suddenly turn against them when worries flare that AI-powered competitors could steal their customers.

The companies spending big on AI are feeling their own pressure, too.

A survey of global fund managers by Bank of America found a record percentage is saying that companies are ''overinvesting.'' That could mean an eventual pullback in spending on chips from Nvidia and other companies.

In other dealings early Wednesday, U.S. benchmark crude oil added 32 cents to $62.65 per barrel. Brent crude, the international standard, picked up 34 cents to $67.76 per barrel.

The U.S. dollar bought 153.65 Japanese yen, up from 153.29 yen. The euro slipped to $1.1837 from $1.1854.

The price of gold rose 0.8%, while the price of silver was up 2.8%.