The Nikkei 225 broke above 65,000 for the first time as the breadth of stocks, particularly those related to data centers, expanded against a backdrop of growing AI demand. Commentary from Nomura Securities' Osaka Shunya (大坂 隼矢) is also included.
On 25 May 2026, the Nikkei 225 ended trading up ¥1,819.12 from the previous day at ¥65,158.19, reaching the 65,000 level and setting a new all-time high. The backdrop is described as robust capital investment driven by AI demand and improving corporate earnings reflected in financial results.
A comparison of forecast EPS for the Nikkei 225 and TOPIX shows that forecast EPS for the Nikkei 225 is rising, supporting the view that strong earnings and higher share prices are consistent with each other. Initial concerns over the impact of higher crude oil prices have eased, while expanding demand in the US and China and AI-related investment are supporting the market.
Growing AI demand is viewed as spreading through progress in data center construction and into machinery and electronic-component stocks. Japanese machine-tool orders are also expanding, highlighting rising demand for machinery used in AI servers. Expectations for growth are spreading to the silicon wafer market for semiconductor materials.
SoftBank Group's share-price gains are cited as a factor lifting the Nikkei, with reports related to an OpenAI listing helping drive the index above 65,000. Fujikura, meanwhile, at one point plunged after risks related to optical cable materials came to light. The commentary points out that developments in AI-related stocks need to be viewed separately in terms of company-specific factors and broader market factors.