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Asian stocks advance on AI investment
Asian stocks climbed today, Thursday, buoyed by U.S. tech companies' expenditures on artificial intelligence. The South Korean Kospi index surged by more than 3%, led by Samsung and SK Hynix, while the Japanese Nikkei rose by 0.7%. This performance followed earnings reports from Alphabet and Tesla, which showed continued significant investment in AI despite concerns about whether these expenses will translate into tangible returns and the high valuations of companies. The MSCI index for stocks across Asia and the Pacific outside Japan gained about 1%, with expectations that it will rise by 3% over the week.
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