Japan’s Nikkei share average experienced a rebound on Tuesday, fuelled by renewed optimism in the AI sector, following a filing by industry leader Anthropic to list its shares. The benchmark Nikkei 225 advanced 1.73% to close at 63,268.37, paring an earlier gain of more than 2%. The broader Topix increased by 0.61%, reaching a level of 3,997.37. Anthropic reported significant losses alongside impressive revenue growth in its filing for a US initial public offering, outlining its goal to create AI systems that could transform the global economy, even in light of the substantial expenses associated with technology development.
The tech-heavy Nikkei typically exhibits a correlation with the US Philadelphia chips index, which experienced a 2.8% increase overnight. “The market was relieved by the news about Anthropic’s IPO, while heavyweight technology stocks tracked a rise in the US chip index,” said Daisuke Hashizume. Even so, investors remain “cautious about actively buying stocks ahead of earnings of US hyperscalers such as Alphabet and Microsoft this week.” Chip-testing equipment maker Advantest surged 8.98%, providing the Nikkei with its most significant uplift.
Technology investor SoftBank Group experienced an increase of 4.95%. Chip-making equipment maker Tokyo Electron added 3.07%. On the Nikkei 225, there were 124 advancers compared to 100 decliners. After Advantest, the biggest gainers were Ibiden, up 8.54%, and Sumco, which gained 5.50%. The biggest losers were drugmaker Daiichi Sankyo, down 8.16%, followed by Japan Exchange Group, down 4.83%, and Mitsubishi Estate, down 4.04%.
