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.
