Asian shares mostly higher as tech stocks remain volatile
Summarised from 2 outlets · Updated 2 Nov, 06:07 · Archive
Asian shares mostly advanced on Monday but technology stocks remained volatile as concerns grow over artificial intelligence spending.
Asian shares were mostly higher on Monday but technology stocks remained volatile, as oil prices fell more than 3%. The moves came after Wall Street fell on Friday to its worst day since June, with investors dumping technology and artificial intelligence-related stocks.
Japan's Nikkei 225 index slipped 0.1% to 63,218.02 after giving up early gains. SoftBank Group, an investor in OpenAI, fell 1.8%, while Japanese memory chipmaker Kioxia Holdings fell roughly 14% as its earnings forecasts disappointed analysts and investors. South Korea's benchmark Kospi rose 2.3% to 5,859.83, with Samsung Electronics adding 1.7% and memory chipmaker SK Hynix jumping 4.2%.
Technology stocks have been volatile due to concerns that the artificial intelligence buildup may prove to be a bubble. Last week, earnings reports from Google parent Alphabet Inc. and Amazon raised fresh questions about whether their massive artificial intelligence-related spending will bring profitable returns quickly enough. Over the past month, the Nikkei 225 has fallen more than 6% and the Kospi dropped more than 16%. Hong Kong's Hang Seng gained 0.6% to 23,437.41, while Shanghai's Composite index rose 1.2% to 3,640.93.
How it is being reported
- Asian shares mostly advance but tech stocks remain volatile, while oil sinks 3.3%Asian shares are mostly higher but technology stocks remain volatile.Clickorlando · 2 Nov, 05:29
- Asian shares mostly advance but tech stocks remain volatile, while oil sinks 3.3%Asian shares are mostly higher but technology stocks remain volatile.News4Jax · 2 Nov, 05:29
In this story: Japan · South Korea · SoftBank Group · Samsung Electronics · SK Hynix · Kioxia Holdings · Alphabet Inc. · Amazon
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log
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