Asian markets bounce back as AI stocks recover ground

Summarised from 2 outlets · Updated 9 Nov, 04:53 · Archive

Asian shares advanced Monday after artificial intelligence stocks recovered from last week's sell-offs.

Asian shares and US futures advanced Monday after artificial intelligence stocks recovered ground lost in last week's sell-offs. Taiwan's Taiex led regional gains with a 5.6% jump, thanks to a rebound in computer chipmaker TSMC, which also surged 5.6%. The recovery followed Friday gains in US AI stocks, which had fallen earlier in the week amid concerns that Democratic midterm election victories could slow construction of AI data centers, particularly in Texas. Voters across political parties have expressed wariness about AI and opposition to power bill increases caused by data centers.

Tokyo's Nikkei 225 index gained 3.4% to 59,411.34, with chip equipment maker Tokyo Electron up 6.5% and testing equipment maker Advantest up 5.1%. In South Korea, the Kospi advanced 1.5% to 5,137.22, with Samsung Electronics gaining 2.7% and chipmaker SK Hynix jumping 3.9%. SoftBank Group's shares fell 2.9% as the company attempted to salvage a $5.4 billion robotics deal with Switzerland's ABB, which Chinese regulators have rejected.

Gains were more modest in other regional markets. Hong Kong's Hang Seng edged up 0.2% to 24,525.58 and the Shanghai Composite index added 0.4% to 3,663.91. Australia's S&P/ASX 200 edged 0.1% lower to 9,011.50. The rest of the US stock market remained mixed as investors assessed what Democratic election victories would mean for markets and the broader economy.

How it is being reported

• Asian markets bounce back after a recovery for AI stocks on Wall StreetAsian shares and U.S. futures have advanced after artificial intelligence stocks recovered some ground lost in last week's sell-offs.News4Jax · 9 Nov, 04:14
• Asian markets bounce back after a recovery for AI stocks on Wall StreetAsian shares and U.S. futures have advanced after artificial intelligence stocks recovered some ground lost in last week's sell-offs.Clickorlando · 9 Nov, 04:14

In this story: Taiwan · TSMC · Texas · Tokyo · South Korea · SoftBank Group · ABB · China

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