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SoftBank and Asian chip stocks rebound after Wall Street tech rally
CNBC and the Associated Press reported Tuesday that SoftBank Group and major Asian semiconductor names rose after a rebound in U.S. technology shares.
- Japan Today, The Philadelphia Inquirer and AP are now reporting this
- New headline Was: “SoftBank, SK Hynix and Samsung shares rise with Asian chip stocks”
- Our desk updated its story
Wire reporting: (AP, via Japan Today)
TOKYO — Shares of SoftBank Group Corp. and other Asian technology companies rose Tuesday after U.S. technology stocks rebounded, according to CNBC and the Associated Press1,7.
CNBC said SoftBank, the Japanese investment company, rose 13.88% in Tokyo1. AP put the gain at 13.9% ahead of SoftBank's earnings release, and said the stock had fallen to a one-year low on Monday7. AP also said SoftBank reported a $7 billion loss for the three months through September7.
Japanese semiconductor-equipment names also advanced1,7. CNBC said Advantest gained 4.63%, Tokyo Electron more than 6.05%, Lasertec 7.73% and Disco 6.81%1. AP said Tokyo Electron rose 6.1% and Advantest 4.6%7.
In South Korea, CNBC said SK Hynix jumped 6.69% and Samsung Electronics 4.74%, with Samsung SDI up 9.88%1. AP said the Kospi climbed 4.4% to 5,239.13, with Samsung Electronics up 4.7% and SK Hynix 6.7%7. CNBC said Taiwan Semiconductor Manufacturing Co. added 2.24%1.
The Asian session followed a strong day on Wall Street1,7. CNBC said the Nasdaq Composite climbed 2.74% and the S&P 500 rose 2.35%, its best day since April 81. AP said the S&P 500 jumped 2.3% on Monday, a second straight gain after last week's losses, and that the Nasdaq rose 2.7%7.
Both reports tied last week's sell-off to investor concern that Democratic wins in the U.S. midterm elections could mean tighter limits on data-center construction and slower demand for artificial-intelligence chips1,7. CNBC also pointed to falling oil prices and renewed buying in semiconductor shares overnight1.
David Morrison, a senior market analyst at Trade Nation, told CNBC that some investors were using last week's drop to add chip and AI-related stocks, but said it may be premature to treat the sell-off as finished1.
AP said Nvidia fell 4.3% on Monday and that the company said it was investigating after Chief Executive Jensen Huang acknowledged a personal relationship with a business executive; AP attributed additional reporting on that matter to The New York Times7. AP said investors were awaiting U.S. inflation data for October7.
Sources
- CNBCSoftBank Group shares surge 14% as Asian tech stocks track Wall Street rebound
- (AP, via Japan Today)Asian stocks rise after technology shares advance on Wall StreetAlso (AP, via Local 10), (AP, via ClickOrlando), (AP, via ClickOnDetroit), (AP, via The Philadelphia Inquirer)
- APWorld shares rise after technology shares advance on Wall Street ahead of US inflation data
How it’s being reported
2 sources
SoftBank Group shares surge 14% as Asian tech stocks track Wall Street rebound
SoftBank's bounce and semiconductor equipment names in Japan and South Korea after last week's sell-off.
CNBC reported Asian technology shares rose Tuesday after a Wall Street rebound, with SoftBank Group up about 14% and Korean chipmakers also higher.
Leaves out U.S. inflation data due later in the week and the Nvidia investigation noted in the AP report.
World shares rise after technology shares advance on Wall Street ahead of US inflation data
Gives this outlet’s account of the story.
Same copy also at: (AP, via Japan Today) · (AP, via Local 10) · (AP, via ClickOrlando) · (AP, via ClickOnDetroit) · (AP, via The Philadelphia Inquirer)