Asian Stocks Rise, AI Stocks Regain Heat
Asian stock markets rallied on Wednesday (July 22nd), boosted by confidence in technology and semiconductor stocks. The MSCI Asia Pacific Index rose 0.8%, while South Korea's Kospi index jumped more than 5% due to renewed investor interest in stocks related to artificial intelligence (AI).
Positive sentiment came from Wall Street, particularly after the Nasdaq 100 recorded its best performance in three weeks. Chip stocks regained interest after Nvidia announced its latest chip design had begun arriving to customers, while Taiwan Semiconductor Manufacturing Company also attracted attention after rumors of a 10% price increase.
Despite the strengthening of technology stocks, the market still feared rising oil prices due to the escalating US-Iran conflict. Brent crude rose to around US$91.52 per barrel after US President Donald Trump reduced the chances of quick talks with Iran. This oil surge rekindled inflation concerns and pushed US Treasury yields to their highest level in about two months. In the currency market, the Japanese yen weakened past 163 per US dollar for the first time since 1986, raising speculation of intervention by Japanese authorities. Meanwhile, gold and silver also strengthened due to dip buying. Investors' focus now shifts to the financial results of Alphabet, Tesla, and Intel to see if their heavy spending in the AI sector can still sustain the reliance on tech stocks. (asd)
Source: Newsmaker.id
