TOKYO: Japan’s Nikkei 225 limped to a weekly loss on Friday, as investors weighed prospects for the red-hot AI sector while stress in global bond markets weighed on sentiment.
The Nikkei slipped 0.02 percent to close at 69,030.92 on the day, recovering from an early loss of 1.3 percent. The index ended 0.39 percent lower for the week. The broader Topix gained 0.33 percent to 4,104.81 on Friday.
US equity indexes fell overnight, dragged by technology companies after a Financial Times report said OpenAI’s annualized revenue was USD20 billion less than the company previously signalled.
Shares of Nikkei heavyweight SoftBank Group, a major investor in OpenAI, sank about 4 percent.
Global borrowing costs remained elevated, as a surge in oil prices intensified inflation, adding to pressures from high corporate issuances and government debt.
“Reports that a major unlisted AI company’s revenue fell short of its own forecasts triggered a chain reaction of selling in related stocks,” Sony Financial Group analysts said in a report.