TOKYO: Japan’s Nikkei stock gauge erased most of its early gains to end nearly flat on Tuesday as SoftBank Group tanked almost 10 percent on concerns about competition between OpenAI’s ChatGPT and Google’s Gemini.
The Nikkei 225 Index was up 0.07 percent at 48,659.52, after rising as much as 1.14 percent. The broader Topix was down 0.21 percent at 3,290.89.
“Investors were concerned about the competitiveness of ChatGPT from OpenAI, in which SoftBank Group invests, with Google’s new Gemini,” said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.
Alphabet’s launched the latest version of its artificial intelligence model Gemini last week, sending its shares to a record high.
“Typically, Japan’s AI-related heavyweights move in the same direction, but today SoftBank Group fell on its own reason,” said Shimada.
SoftBank Group ended 9.95 percent lower, shaving 338 points off the Nikkei, which rose by 33.64 points.
Chip-related Advantest and Tokyo Electron rose 4.18 percent and 3.05 percent, respectively, mirroring strong performances among technology shares on Wall Street.
Comments
Comments are closed for this article.