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World Shares Mixed Thursday 11/12 04:48
World shares were mixed on Thursday as concerns over leadership at chipmaker
Nvidia weighed on artificial intelligence -related stocks.
TOKYO (AP) -- World shares were mixed on Thursday as concerns over
leadership at chipmaker Nvidia weighed on artificial intelligence -related
stocks.
In after-hours trading, Nvidia's shares fell 8.6% after reports said
Nvidia's board was meeting late Wednesday to discuss the situation surrounding
its CEO, Jensen Huang, whose affair with a Chinese woman has raised national
security concerns in the U.S.
Nvidia 's shares climbed 2.9% on Wednesday. Its shares have fallen after the
company said it was investigating Huang, who has admitted to a relationship
with a businesswoman who reportedly fed intelligence and advanced chips to
China.
The future for the S&P 500 slipped 0.4%, while that for the Dow Jones
Industrial Average was nearly unchanged.
In early European trading, France's CAC 40 added 0.7% and the German DAX
rose 1.0% to 26,939.92. Britain's FTSE 100 jumped 0.3% to 10,868.98.
In Asian trading, Japan's benchmark Nikkei 225 shed 0.7% to 60,819.36.
In South Korea, the Kospi gave up early gains to slip 0.6% to 5,342.73.
Taiwan's Taiex lost 2.6%. Australia's S&P/ASX 200 declined nearly 0.1% to
9,146.80.
Hong Kong's Hang Seng lost 1.3% to 24,008.55, while the Shanghai Composite
fell 0.7% to 3,655.83.
Apart from Nvidia's situation, investors are worried about a potential
slowdown in the overall AI industry given longstanding questions about whether
it will prove profitable enough to make massive investments in the technology
worthwhile.
Analysts also said people might still be taking a risk, snatching up Nvidia
shares at what appears to be a discount because of uncertainty over what
Huang's woes might mean for the company.
"There is no credible way to put a precise revenue loss on his departure,"
said Ipek Ozkardeskaya, senior analyst at Swissquote.
"Customers buy Nvidia's computing power, software and networking ecosystem,
and those advantages wouldn't disappear with its CEO," she said.
Benchmark U.S. crude rose 0.8% to $87.26 a barrel. Brent crude, the
international standard, added 0.8% to $93.53 a barrel. Brent has vacillated
within a range of $72 to $120 since the war with Iran pushed prices much higher.
In currency trading, the U.S. dollar fell to 159.64 Japanese yen from 159.79
yen. The euro cost $1.1095, up from $1.1091.
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