Tokyo, July 31 (Jiji Press)--Japan's benchmark Nikkei 225 stock average surged on Friday as artificial intelligence-related stocks attracted renewed buying. The index of 225 major issues listed on the Tokyo Stock Exchange's Prime section briefly climbed more than 3,400 points before closing at 64,362.02, up 2,494.59 points, or 4.03 pct, from Thursday. The Tokyo market reflected an overnight jump in the U.S. SOX Philadelphia semiconductor index after Microsoft's earnings report showed strong cloud operations amid solid AI-related demand. "The rebound (in AI-related stocks) was sharp simply because their recent losses were large," said an official of a major brokerage firm. Meanwhile, many other stocks were weighed down by profit-taking and selling on rally. Among the Nikkei's components, falling issues outnumbered rising ones. Despite Friday's rally, concerns remain over massive investments in the AI sector. "Don't be fooled by today's eye-catching rebound," said an official of a bank-affiliated securities firm. "Technology stocks are still in a declining phase." END [Copyright The Jiji Press, Ltd.]
Nikkei Surges as AI Stocks Attract Renewed Buying
Tokyo, July 31 (Jiji Press)--Japan's benchmark Nikkei 225 stock average surged on Friday as artificial intelligence-related stocks attracted renewed buying. The index of 225 major issues listed on the Tokyo Stock Exchange's Prime section briefly climbed more than 3,400
TL;DRAI
Nikkei 225 jumped 4.03% to 64,362.02 after Microsoft's earnings showed strong cloud and AI demand, lifting semiconductor stocks. The rally reflects pent-up losses in tech, but sector uncertainty persists as AI capex fears remain unresolved.
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