Asia shares are mixed after a US tech selloff as a Chinese rival joins the global AI frenzy
abcnews.go.comAsian shares are trading mixed after Wall Street’s tech superstars tumbled as a competitor from China raised doubts over the recent artificial-intelligence market frenzy
TOKYO — Asian shares were mixed in thin Lunar New Year trading on Tuesday after Wall Street’s tech superstars tumbled as a competitor from China raised doubts over the recent artificial-intelligence market frenzy.
Japan's benchmark Nikkei 225 lost 0.9% to 39,214.19. Australia's S&P/ASX 200 was little changed, inching up less than 0.1% to 8,411.70. Hong Kong's Hang Seng rose 0.2% to 20,236.13. Markets in South Korea, Shanghai markets and other parts of the region were closed for holidays.
Among technology companies in Japan, SoftBank Group Corp. stock extended its losses, plunging 10%. Hitachi Ltd. lost 4%, but Fujitsu and Sony Corp. recovered. Computer chip maker Tokyo Electron sank 7.6%.
Fuji Media Holdings, rocked by a sex scandal, rose nearly 9% in morning trading after a marathon news conference overnight by its top executives that lasted more than 10 hours. Fuji's stock price has zigzagged in recent months amid Japanese magazine reports about “a problem” involving an anchorwoman and a Japanese male star. He has subsequently announced his retirement.
On Monday, the S&P 500 dropped 1.5% to 6,012.28, dragged down in large part by a 16.9% fall for Nvidia. Other Big Tech stocks also took heavy losses, pulling the Nasdaq composite down 3.1% to 19,341.83 for its worst loss in more than a month.
The damage was focused on AI-related stocks, while the rest of the market held up much better. The Dow Jones Industrial Average rose 0.7% to 44,713.58, and the majority of U.S. stocks climbed. But anyone holding an S&P 500 index fund, which are found in many
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