MORNING BID EUROPE-Marvell, a fitting name for the latest AI darling

A look at the day ahead in European and ​global markets from Tom Westbrook Notwithstanding fresh hostilities ​in the Middle East, AI shares ‌drove equity ​markets in Asia to new records on Wednesday. AI kingmaker Jensen Huang - the CEO of Nvidia - offered the latest shove ‌higher by anointing superhero-sounding chipmaker Marvell Technology as the next trillion-dollar company, promptly sending its stock price up more than 30%.

A look at the day ahead in European and ​global markets from Tom Westbrook Notwithstanding fresh hostilities ​in the Middle East, AI shares ‌drove equity ​markets in Asia to new records on Wednesday.

AI kingmaker Jensen Huang - the CEO of Nvidia - offered the latest shove ‌higher by anointing superhero-sounding chipmaker Marvell Technology as the next trillion-dollar company, promptly sending its stock price up more than 30%. A market cap of $254 billion is a long way from $1 trillion, but that's a ‌gap that peers have been covering at a clip. A year ago Micron and ‌SK Hynix had market values of barely $100 billion. They now top $1 trillion.

Memory-maker Kioxia also briefly on Wednesday became Japan's second-most valuable company behind tech investor SoftBank, pushing longtime No. 1 Toyota into third position. In a surprise move ⁠ahead of ​its investor roadshow, ⁠Elon Musk's SpaceX plans to fix its IPO price at $135 per share to raise a record-setting $75 billion, according to ⁠a source familiar with the matter.

Elsewhere in markets, the yen tiptoed into the intervention red zone on Wednesday, ​touching the 160-per-dollar level that's viewed as around authorities' red line. Gulf hostilities flared anew, ⁠with the U.S. military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or ⁠failed, ​as diplomacy between Washington and Tehran showed little progress.

Oil prices rose by around $1 a barrel. The U.S. services ISM is due later in the day, along with private payrolls ⁠and the Federal Reserve's beige book of economic conditions ahead of U.S. labour data due out ⁠on Friday.

Figures on ⁠Tuesday showed job openings increased by the most in five years in April. Key developments that could influence markets on Wednesday:

- Economics: U.S. ‌services ISM, ‌ADP Payrolls, Fed beige book - Iran war ​developments

(Editing by Muralikumar Anantharaman)