Asian stocks slip as AI spending doubts follow Wall Street
Business
Asian stocks slipped on Friday, following Wall Street's lead, as investors started worrying about whether the AI spending boom can really last.
Japan's Nikkei dropped early but trimmed its loss to 0.58% in early trading.
Trading was quieter than usual since South Korea and Taiwan were both closed for holidays.
Nasdaq-100 down 1.4% on OpenAI doubts
US tech shares also took a hit: the Nasdaq-100 fell 1.4% after news that OpenAI might not hit its revenue goals, and chipmaker stocks were down too.
Meanwhile, Microsoft and Adobe got suspended from a key US labor program due to investigations, and Indian companies had cut their reliance on H-1B visas and steadily widened local hiring in the US.