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Asian stocks climb on AI investment
Asian stocks rose today, Thursday, supported by substantial capital spending by American technology companies on artificial intelligence operations. The Korean Kospi index increased by more than 3%, while the Japanese Nikkei gained 0.7%. This came after results from Alphabet and Tesla showed continued investment in AI, with Google announcing an expansion of its capital expenditure plans for the year. Nonetheless, markets remain uncertain whether these investments will translate into tangible returns, amid concerns over high company valuations and earnings growth rates. The MSCI Asia-Pacific ex-Japan index advanced by 1%, approaching a 3% increase for the week, ending two weeks of losses. Meanwhile, European futures indicated a quiet opening ahead of the European Central Bank's decision, expected to remain steady, with a possibility of a rate hike in September. Additionally, Nasdaq futures fell by 0.1%, as investors continue to focus on spending plans ahead of major corporate earnings reports next week.
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