Asian stocks fluctuated in morning trading on Tuesday, while AI stocks declined last night. The Nikkei 225 index in Japan rose by 0.8 percent to 63,993.22 points.
SoftBank Stocks Rise
Shares of the SoftBank Group, the Japanese giant and major investor in OpenAI, rose more than 8 percent in morning trading in Tokyo, recovering losses from the previous night. This increase came after Sam Altman, CEO of OpenAI, stated in an interview that the company is likely to wait until next year to sell its shares on Wall Street. This will delay fundraising for SoftBank and other early investors in OpenAI.
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Changes in Other Markets
In other markets, the S&P/ASX 200 index in Australia fell by 0.9 percent to 8,672.10 points. The KOSPI index in South Korea saw little change, decreasing by less than 0.1 percent to 6,681.32 points. Additionally, the Hang Seng index in Hong Kong dropped by 0.2 percent to 24,879.69 points, while the Shanghai Composite index rose by 0.1 percent to 3,889.95 points.
Comments from other leaders in the AI industry also impacted the markets, warning that for human security, the development of AI needs to slow down. Ken Jingu, an analyst at Mizuho Bank, stated in a report: "The prospect of a coordinated slowdown in AI development due to intense competition among American companies and also between the United States and China remains uncertain."
Rising prices in other non-AI stocks helped limit market losses on Wall Street. The Dow Jones Industrial Average fell by 152 points, or 0.3 percent, to 52,421.20 points, and the Nasdaq dropped by 0.6 percent to 26,186.41 points. The S&P 500 index also decreased by 37.00 points to 7,619.98 points.
Impact of Oil Prices on Markets
In energy trading, U.S. crude oil rose by 1.36 percent to $102.77 per barrel. Brent crude, the international standard, increased by 1.17 percent to $106.92 per barrel. Oil prices continue to rise due to conflicts in the Middle East, putting pressure on global oil flows. A major Saudi oil pipeline will be largely out of service for several weeks following an attack last week.
This pipeline allows Saudi Arabia to shift exports to the Red Sea and avoid the Strait of Hormuz in the Persian Gulf, which is under attack from Iran.
Meanwhile, the yield on the 10-year U.S. Treasury reached 5.00 percent temporarily on Tuesday morning, the first time in nearly three years. However, this yield later retreated to 4.98 percent.
Currency Fluctuations
In currency trading, the U.S. dollar rose to 154.81 Japanese yen from 154.30 yen. The euro was traded at $1.1537, down from $1.1557.
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Source: abcnews.com
