Asian stocks rise after Wall Street barrels to records
HONG KONG — Asian markets rose Thursday after Wall Street barreled to records Wednesday as the frenzy around artificial-intelligence technology kept sending stocks higher.In Tokyo, the Nikkei 225 index climbed 0.9% to 38,841.75. The Hang Seng in Hong Kong added 0.8% to 18,569.48 and the Shanghai Composite index was up 0.1% at 3,068.31.
Nvidia is leading the way because its chips are powering much of the rush into AI, and it rose another 5.2% to bring its gain for the year to more than 147%. The broad retail industry has been highlighting challenges for lower-income U.S. households, which are trying to keep up with still-high inflation.
Stocks had been shaky recently after reports suggested the U.S. economy’s growth is fading under the weight of high interest rates. Wall Street has actually been hoping for such a slowdown because it can drive down inflation and convince the Federal Reserve to deliver much-desired cuts to interest rates.
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