Asian stocks mixed amid AI concerns, oil dips after surge
HONG KONG — Asian stocks headed into the weekend on a mixed note on Friday with tech weighed by renewed concerns about the artificial intelligence (AI) investment boom, while support came from a drop in oil prices after Donald Trump ruled out a pre-election strike on Iran.
Asian stocks opened the trading week on a mixed note amid concerns surrounding the artificial intelligence (AI) investment boom, while support was seen in a dip in oil prices following US President Donald Trump's ruling against a pre-election strike on Iran. The tech sector, buoyed by recent optimism for the upcoming earnings season, saw some gains, with Nvidia hitting a record high and closing in on a US$6 trillion market capitalization.
However, the market's enthusiasm was dampened by a Financial Times report indicating that OpenAI, the creator of ChatGPT, projected annualized revenue of $50 billion, significantly lower than the previously announced $70 billion. This news weighed heavily on tech stocks, with major players such as Nvidia, Microsoft, AMD, and Amazon experiencing substantial declines.
Meanwhile, some Asian markets reacted positively, with Hong Kong, Sydney, Wellington, Manila, and Jakarta recording gains, while Tokyo, Shanghai, and Singapore were down. The dip in oil prices came amid reports suggesting that the White House had avoided military action against Iran before the midterm elections, and the Federal Reserve's expectation of continued interest rate hikes throughout the year.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
