The Nikkei 225 rose 6.46% for the week, recording its biggest gain in 5 months. Concerns over NVIDIA CEO Jensen Huang's announced resignation were reportedly dispelled by resilient corporate earnings and a recovery in AI-related stocks.
Japanese equities ended trading on the 13th with the Nikkei 225 up 0.53% from the previous day at a daily close of 61,142.35 points, marking a 6.46% gain for the week. TOPIX rose 0.11% to 3,941.57 points, recording a 6.3% weekly gain, its biggest advance in 5 months. Supported by resilient earnings and a recovery in AI-related stocks, the market moved away from the selling pressure seen the previous week.
The Nikkei 225 maintained its rebound despite a development that at times unsettled market sentiment, namely NVIDIA CEO Jensen Huang's announced resignation. In the US market, some AI-related stocks were shaken by reports of Huang's resignation, while Broadcom and Alphabet rose against the trend, suggesting that funds were not exiting the AI sector uniformly. Japanese semiconductor manufacturing equipment stocks rose temporarily in the morning, although gains narrowed for some stocks as they were influenced by developments in the South Korean market.
On the 13th, 132 Nikkei 225 stocks rose, 91 fell and 2 were unchanged. The top gainers were Sapporo Holdings, up 8.56%, Trend Micro, up 8.32%, and Amada, up 7.59%. Notable decliners included Mercari, down 8.88%, The Japan Steel Works, down 8.46%, and Kawasaki Heavy Industries, down 8.29%. The overall market was led by major technology stocks, and attention will turn to the progress of valuation adjustments in AI-related stocks and US policy developments.