Japan's Nikkei rises as AI-related stocks shine; companies on China export control list mixed
By Junko Fujita
TOKYO, Feb 24 (Reuters) - Japan's Nikkei share average rose on Tuesday as trading resumed after a long holiday weekend, with AI-related stocks rallying on expectation of further investment in AI infrastructure after a report of a possible Nvidia-OpenAI deal.
The Nikkei .N225 rose 0.92% by 0415 GMT, while the Topix .TOPX edged up 0.17%.
"Although it is still a speculation, investors reacted to the news about Nvidia and OpenAI. Expectations for growth in AI infrastructure grew," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.
Nvidia NVDA.O is close to finalising a $30 billion investment in OpenAI as the chipmaker moves to take a stake in one of its largest customers, Reuters reported last week.
Fibre-optic cable makers jumped, with Furukawa Electric 5801.T surging 15%.
China added Japanese companies to a list of export controls aimed at curbing what it termed Japan's "remilitarisation," leading to a mixed reaction in shares of firms on the list.
Mitsubishi Materials 5711.T rose 3.8%, while electronic components manufacturer TDK 6762.T inched up 0.15%. Hino Motors 7205.T was flat.
The news sent Japanese defence stocks sharply lower, with Mitsubishi Heavy Industries 7011.T down 3.5% and IHI 7013.T tanking nearly 6.8%.
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