Asian stocks mixed amid concerns about AI 'bubble'

Asian stock markets were mixed in morning trade on October 9, as investors assessed the prospects of a global bull market driven by artificial intelligence (AI), the US Federal Reserve's interest rate policy and the US government shutdown crisis that has yet to be resolved.

An electronic board displays the Nikkei 225 stock index in Tokyo, Japan. Photo: Kyodo/VNA

Tech stocks have continued to lead global markets higher this year, as companies pour hundreds of billions of dollars into AI-related fields. However, many experts warn that this huge investment may not yield commensurate returns, raising concerns about a valuation bubble. Neil Wilson of Saxo Markets said AI is clearly in a bubble. The question is not "if, but when."

Earlier in the session, the MSCI Asia Pacific ex-Japan index rose 0.3%. In Japan, stocks rose sharply, led by technology stocks, following the US market's rise. The Nikkei 225 index rose 670.94 points, or 1.41%, to 48,405.93, while the Topix index rose 0.26% to 3,244.15. Data showed foreign investment funds net bought 2.5 trillion yen ($16.4 billion) of Japanese stocks in the week ended October 4. The US dollar held steady at a high of 152 yen per dollar, amid reduced expectations of an early interest rate hike by the Bank of Japan (BoJ) and concerns about the country's deteriorating fiscal situation.

In South Korea, the market remained closed for the holidays. Experts predict that the strong rally in technology and semiconductor stocks - the main drivers of the Korean stock market this year - may slow down in October due to profit-taking and tariff concerns. In September 2025, the KOSPI index rose 9%, led by Samsung Electronics (+24.1%) and SK hynix (+35.7%). Major technology stocks such as LG Display and Samsung Electro-Mechanics also rose 23.6% and 19.3%, respectively.

The Shanghai Composite Index also rose 1% to 3,921.28 points after a week-long holiday, boosted by news that Beijing imposed new restrictions on exports of rare earths and equipment - an issue that is a hot spot in trade negotiations with the US.

Australia's Sydney stock market and the Philippines' Manila stock market both rose, while the Hong Kong (China) market fell 0.1% to 26,809.57 points, in the same direction as Singapore, Wellington and Jakarta.

The US government shutdown entered its second week as Republicans and Democrats failed to reach an agreement to reopen federal agencies. Democrats vetoed a temporary spending bill for the sixth time because it did not extend health benefits to 24 million people.

Minutes from the Fed's most recent meeting showed a split within the Fed over the rate cut, with some members only agreeing after being persuaded by rising price data and a weak labor market. "Those concerned about the risk of job losses are likely to favor faster and more aggressive rate cuts in the near term, while those concerned about inflation risks will be more cautious about new cuts," said Ryan Wang of HSBC.

In Vietnam, at the end of the morning session on October 9, the VN-Index increased by 12.25 points (0.73%) to 1,709.86 points. The HNX-Index also increased by 0.7 points, or 0.28%, to 274.04 points.

Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-chau-a-bien-dong-trai-chieu-giua-lo-ngai-ve-bong-bongai-20251009110839856.htm