World Markets Bounce Back on AI Upturn 11/09 04:49

   World shares and U.S. futures advanced Monday after artificial intelligence 
stocks recovered some ground lost in last week's sell-offs.

   (AP) -- World shares and U.S. futures advanced Monday after artificial 
intelligence stocks recovered some ground lost in last week's sell-offs.

   In early European trading, Germany's DAX climbed 0.6% to 25,974.42, and the 
CAC 40 in Paris was up 0.4%, at 8,168.36. Britain's FTSE 100 rose 0.4% to 
10,720.81.

   The future for the S&P 500 was up 0.3% and that for the Dow Jones Industrial 
Average climbed 0.6%.

   Taiwan's Taiex led gains in Asia with a 4.9% jump, thanks to a rebound in 
computer chipmaker TSMC, which surged 4.7%.

   Regional tech stocks benefited from Friday's rally in the U.S., where AI 
stocks got some relief from their sell-offs earlier in the week on worries that 
Democratic victories in the midterm elections could slow construction of AI 
data centers, particularly in Texas. Voters across political parties say they 
are wary about AI and don't like increases to power bills caused by data 
centers.

   Investors also are watching to see what the Democrats' sweeping victories 
will mean for markets and the broader economy.

   Monday trading started out strong in Tokyo, where the Nikkei 225 index 
closed 2.3% higher at 58,775.50.

   Chip equipment maker Tokyo Electron climbed 2.8%, giving up bigger gains 
earlier in the day, while Advantest, which makes testing equipment, was up 1.3%.

   SoftBank Group's shares fell 4.2% as the company maneuvered to salvage a 
$5.4 billion robotics deal with Switzerland's ABB that Chinese regulators have 
rejected.

   In South Korea, the Kospi fell back after rising in the morning, shedding 
0.8% to 5,018.85. Samsung Electronics Corp. gained 0.6% and chipmaker SK Hynix 
rose 0.4%. Those are very modest gains for companies whose share prices have 
yo-yoed as investors dumped and then snapped up AI-related shares over the past 
few weeks.

   Elsewhere in Asia, Hong Kong's Hang Seng edged 0.1% lower to 24,448.95. The 
Shanghai Composite index added 0.3% to 3,660.79.

   Australia's S&P/ASX 200 edged 0.1% higher to 9,029.70.

   On Friday, the S&P 500 rose 0.3% and trimmed its loss for the week to 2.7%, 
which was its worst since U.S. President Donald Trump shook markets in April 
2025 with his "Liberation Day" tariffs. The Dow Jones Industrial Average 
dropped 0.5%, and the Nasdaq composite climbed 1.1%.

   The relative steadiness halted what had been a worldwide tumble for stocks. 
Indexes dropped 6% in Tokyo and in Seoul following Wall Street's plunge on 
Thursday.

   Friday's biggest lift for the S&P 500 came from Nvidia, the chip company 
that has become the face of the boom and possible bust of the AI frenzy. Its 
stock climbed 2.8%, coming off drops of 9.3% and 3.2%.

   Nvidia said Sunday it was opening an investigation into reports that CEO 
Jensen Huang was the target of a foreign intelligence effort. That followed 
Huang's acknowledgment that he had been intimate with a business executive who, 
according to The New York Times, U.S. intelligence determined was gathering 
information for China.

   During a routine briefing Monday, China's Foreign Ministry dismissed the 
spying allegations, calling them a smear campaign against Beijing.

   Nvidia's share price fell 4.1% in premarket trading early Monday.

   Nvidia is a central player in the race to develop artificial intelligence. 
Its chips power many of the data centers and computing systems used to train 
and run AI models. Its advanced processors have also been a focus of U.S. 
export restrictions aimed at limiting China's access to cutting-edge 
semiconductor technology.

   "The scrutiny surrounding Jensen Huang reaches far beyond a personal 
scandal, touching the increasingly sensitive intersection of U.S. technology 
leadership, China and national security," Stephen Innes of SPI Asset Management 
said in a commentary.

   Despite its recent gyrations, the S&P 500 is only 5.7% below its all-time 
high, which was set last month.

   A report released Friday showed U.S. employers hired many more workers last 
month than economists expected, in the latest signal that the U.S. economy is 
chugging along despite high inflation.

   In other dealings early Monday, Brent crude oil, the international standard, 
slipped 2% to $96.38 per barrel. U.S. benchmark crude fell 1.5% to $89.56 per 
barrel.

   The U.S. dollar slipped to 158.09 Japanese yen from 158.36 yen late Friday. 
The euro rose to $1.1188 from $1.1142.