HONG KONG, Nov 11 — Asian stocks diverged today as renewed optimism over the AI trade was offset by forecast-topping US inflation data and the prospect of a bumper interest rate hike next month.
After last week’s rout fuelled by fears that Democrats would ramp up regulation of artificial intelligence, beaten down tech stocks have bounced this week on bargain-buying and a feeling their fears may have been overdone.
Sentiment was also given a boost by earnings from data centre operator CoreWeave, which said sales would come in at US$13-US$13.3 billion this year, beating estimates.
The news soothed worries about the company’s health after suffering heavy selling last month amid speculation that it could struggle to finance its vast debt pile as borrowing costs continued to rise.
That sparked a period of panic over the tech sector as firms rely heavily on debt to fund their eye-watering AI investments.
Also lifting confidence was Anthropic’s filing showing it planned to raise up to US$64 billion in its upcoming initial public offering, valuing it at as much as US$1.4 trillion.
The maker of AI agent Claude had been expected to raise up to US$100 billion in its IPO, which would have made it the largest IPO on record.
The stock market debut is being seen as a gauge of how long the AI spending boom can last.
Its filing also revealed that revenue soared to US$17 billion in the third quarter, up from just US$1.4 billion a year earlier.
And in another sign of the sector’s health, Bloomberg reported that ChatGPT-maker OpenAI had earned US$10 billion in quarterly revenue for the first time in July-September, thanks to demand for its software.
The figure marked an increase of nearly 50 per cent from the previous three months and a near threefold jump year on year.
However, chip giant Nvidia was still in focus following the bombshell revelation of an affair between CEO Jensen Huang and a woman reportedly suspected of being a Chinese spy.
The firm is now the subject of an FBI investigation. — AFP
Date: 11 November, 2026 11:22 am
Source: Malay Mail
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