With attention focused on whether the Nikkei average can maintain its recovery to the ¥60,000 range next week, NVIDIA’s earnings, Anthropic’s IPO and movements in long-term US interest rates will be the main focus. The market is at a stage where investors will assess whether the rebound in AI-related stocks will continue.
The Nikkei average on 13 November was dominated by buying back AI- and semiconductor-related stocks, closing at ¥61,142, up ¥322 from the previous day and remaining in the ¥61,000 range. Although the gain narrowed after temporarily expanding in the morning session, the rebound generally continued.
The sell-off triggered by concerns over tighter AI regulations in the previous week was supported by strong earnings from domestic companies and improved supply-demand conditions this week, and the Nikkei average moved back into the ¥60,000 range.
The main events next week will be NVIDIA’s earnings announcement, early on 18 November Japan time, and the IPO of US AI company Anthropic, scheduled for 19 November. These developments could determine whether the rebound in AI-related stocks continues. If earnings exceed market expectations, buying could spread across semiconductor stocks, while failure to exceed expectations could raise concerns that excessive optimism will recede.
Movements in long-term US interest rates will also be important. The US 10-year Treasury yield is reportedly capable of rising to around 5.13%, which could weigh on AI and semiconductor stocks whose future earnings growth is expected to be substantial. Domestic releases including GDP and CPI are also due, and the overall market trend is expected to be assessed cautiously.