Asia shares mixed after Nvidia rise supports Wall Street

by Jonathan Adams
Wall Street

Japan’s Nikkei climbed 1.4% to 39,726.39, the Kospi in Seoul was 0.2% higher at 2,781.15, Hong Kong’s Hang Seng dropped 0.1% to 18,052.55, the Shanghai Composite index tumbled 0.5% to 2,936.71 and Australia’s S&P/ASX 200 shed 0.9% to 7,765.40

Asian shares are mixed after a rebound for Nvidia boosted a weakened Wall Street.

Japan’s Nikkei climbed 1.4% to 39,726.39, bolstered by strong demand for technology shares driven by the enthusiasm over Nvidia and AI.

Tokyo Electron added 3.2% and Advantest Corp. surged 6.6%. Shin-Etsu Chemical Co. gained 1.3%.

The Kospi in Seoul was 0.2% higher at 2,781.15.

Chinese shares pulled back. Hong Kong’s Hang Seng dropped 0.1% to 18,052.55 and the Shanghai Composite index tumbled 0.5% to 2,936.71.

Australia’s S&P/ASX 200 shed 0.9% to 7,765.40.

Shares advanced in Taiwan, India and Thailand.

On Tuesday, the S&P 500 added 0.4% and neared its all-time high set a week back, ending at 5,469.30. The Dow Jones Industrial Average, which does not include Nvidia, lost 0.8% to 39,112.16, and the Nasdaq composite added 1.3% to 17,717.65.

Most stocks outside Wall Street’s frenzy around AI technology dropped. Nvidia advanced 6.8%, and without that gain, the S&P 500 would have stumbled to a loss for the day. The chip firm’s shares snapped a three-day losing streak where they had dropped almost 13% for their worst such stretch since 2022.

Voracious demand for its chips to power AI applications has been a big reason for the U.S. stock market’s run to records recently, even as the economy’s growth slows under the weight of high interest rates. But the artificial intelligence boom has been so frenzied that it has raised concerns about a possible bubble in the stock market and too-high expectations among investors.

SolarEdge Technologies shed 20.6% after it said a customer that owes it $11.4 million filed for Chapter 7 bankruptcy, which raises questions about how much the solar-power firm can collect and when. The smaller firms in the Russell 2000 index also dropped.

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