Taiwan's stock market pushed above 46,000 points on strong Nvidia results before giving back part of the gain — good news for AI-linked stocks, but a reminder that sellers are waiting overhead.

• Nvidia's upbeat forecast for next year sent its shares up after hours and lifted Taiwan stocks at the open.
• Optical, passive component, substrate, silicon photonics, cooling and power suppliers led the rally, with Largan hitting its daily limit for a second day.
• The index could not hold 46,000 as investors who bought near the old highs sold into strength, and heavyweights TSMC and MediaTek dragged it back.
• Foreign investors bought heavily in cash stocks but still hold a large bet against the index through futures, over 84,000 short contracts.
• Apple's autumn launch and a semiconductor trade show starting September 2 are seen as the next catalysts.

Outlook: The market looks set to test its previous high, though Fed chair Warsh's remarks at the central bank meeting on Friday night could shake things up.