Nikkei 225 Edges Higher as Tech Stocks Rebound From AI Slowdown Selloff, Kioxia Jumps on ADR Listing Report
TOKYO — Japan's benchmark Nikkei 225 edged higher Tuesday, gaining 129.43 points, or 0.20%, to trade at 63,622.42 by mid-afternoon, as select technology stocks clawed back some of the ground lost during Monday's steep selloff tied to renewed concerns over the pace of artificial intelligence development.
The modest recovery followed a rough start to the week, when the Nikkei fell 0.81% to close at 63,493 on Monday, its lowest level in six weeks, after a weekend essay from Anthropic Chief Executive Officer Dario Amodei calling for a slower pace of AI model development triggered a broad selloff across technology and chip stocks in markets worldwide. Trading remained choppy throughout Tuesday's session, with the index swinging between modest gains and losses as investors continued weighing the fallout from that debate alongside a separate set of macroeconomic pressures.
Technology shares led Tuesday's rebound. SoftBank Group, a major investor in OpenAI and one of the hardest-hit stocks during Monday's slide, climbed as much as 6.3% during the session. Taiyo Yuden gained 3.7% and Lasertec rose 3.8%, as investors showed renewed appetite for some of the same AI-linked names that had been sold off sharply just a day earlier.
Kioxia Holdings stood out among Tuesday's........
