Asian Tech Stocks Plummet as Wall Street Leaders Decline Amid AI Market Concerns
Asian technology shares took a significant hit following drops among Wall Street’s top performers, as a Chinese competitor raised questions about the recent artificial intelligence (AI) market surge.
Japan’s premier index, the Nikkei 225, decreased by 1.5% to 38,959.05. Within Japan’s tech sector, SoftBank experienced a continued decline, falling 6%, and Hitachi plunged 7%. Conversely, Fujitsu and Sony saw their stocks recover. Tokyo Electron, a key player in computer chip manufacturing, dropped sharply by 5.5%.
Overall trading activity was mixed during the light Lunar New Year session on Tuesday.
In Australia, the S&P/ASX 200 remained almost unchanged, slipping slightly by 0.1% to 8,399.10.
Hong Kong’s Hang Seng Index edged up marginally by 0.1% to 20,225.11. Markets in South Korea, Shanghai, and other regional areas remained closed due to holidays.
On Wall Street, the Dow Jones Industrial Average rose by 0.7% to 44,713.58. In contrast, the S&P 500 fell by 1.5% to 6,012.28, and the technology-heavy Nasdaq Composite declined by 3.1% to 19,341.83.
US Treasury yields plummeted to their lowest levels of the year as investors sought the safety of government bonds. The benchmark 10-year yield fell by 9.1 basis points to 4.54% from 4.59% late Friday, leading to a weaker dollar. Safe-haven currencies benefited the most from this movement.
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