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Asian stock markets traded unevenly on Friday as semiconductor shares declined following fresh concerns about OpenAI’s revenue outlook, while rising oil prices and volatile bond markets weighed on investor sentiment.
The mixed performance followed losses on Wall Street, where the Nasdaq Composite dropped 1.3% on Thursday amid selling pressure in technology and semiconductor stocks. However, U.S. stock futures edged higher during early Asian trading.
Japan’s Nikkei 225 declined 0.6%, while the broader TOPIX remained largely unchanged. SoftBank Group, a major OpenAI investor, plunged 5%, reflecting concerns about artificial intelligence investment returns. Semiconductor-related companies also suffered, with Kioxia losing 4% and electronic components manufacturer Murata falling 5.3%.
The weakness followed a Financial Times report indicating that OpenAI’s annualized revenue was approximately $20 billion below previously suggested levels. The disclosure raised doubts about whether rapid AI revenue growth could justify massive spending on advanced semiconductors, data centers, and computing infrastructure.
Chinese equities also struggled, with the Shanghai Composite dropping 1.2% and the CSI 300 declining 1.3%. Meanwhile, Hong Kong’s Hang Seng Index gained 0.9%, despite weakness among semiconductor manufacturers. SMIC slipped 2.2%, while Hua Hong Semiconductor fell nearly 5%.
South Korean and Taiwanese markets remained closed for holidays.
Elsewhere, Australia’s S&P/ASX 200 advanced approximately 0.6%, while India’s Nifty 50 gained 0.4%. Singapore’s Straits Times Index declined 0.5%.
Adding to concerns surrounding AI infrastructure financing, Nvidia-backed data center operator Firmus abandoned plans for an approximately $5 billion initial public offering, choosing private fundraising instead because of market volatility.
Meanwhile, elevated energy prices continued to pressure global financial markets. Brent crude surged more than 4% on Thursday, surpassing $103 per barrel as the Middle East conflict threatened oil supplies and intensified inflation concerns.
Although oil prices eased slightly on Friday, investors remained cautious about further geopolitical disruptions. President Donald Trump indicated that Washington would avoid attacking Iran before November’s midterm elections.
Bond market volatility also remained a major concern. The benchmark U.S. 10-year Treasury yield eased toward 5.23% after reaching a 24-year high earlier in the week.
Despite the pullback, elevated borrowing costs continued to pressure technology stock valuations and increase financing expenses for companies pursuing capital-intensive AI projects.
