On Friday (9 October, 9:25 AM, GMT+7, Bangkok time), most major indices in the Asia-Pacific declined, reflecting a shift in market mood as renewed skepticism about the durability of the artificial intelligence rally and persistent geopolitical concerns in the Middle East weighed on risk appetite.
The downturn followed a pullback in U.S. technology shares on Thursday, after disclosures about OpenAI’s revenue trajectory intensified scrutiny of the AI sector. Investor caution grew further as oil prices climbed, triggered by President Donald Trump’s statement that he was not pursuing an agreement with Iran to resolve the ongoing conflict.
Shares linked to AI faltered after CNBC revealed that ChatGPT’s maker had informed investors of annualized revenue reaching $50 billion at September’s end. While a $68 billion figure circulated widely in the previous month, a source clarified that this higher sum also accounted for gross revenue from partner businesses.
Chipmakers, among the key beneficiaries of strong AI-related demand earlier in the year, saw renewed volatility as doubts emerged regarding the sustainability of the investment uptrend. Heightened market swings come as investors question underlying fundamentals amid rising leverage across the sector.
Analysts pointed out that uncertainties surrounding investment returns, AI safety, funding conditions, and delivery on promises may continue to drive fluctuations, particularly in an environment where higher interest rates are raising financing costs.
Meanwhile, South Korean exchanges were shut for a public holiday.
Japan’s NIKKEI fell by 0.83% to 68,471.39, and Australia’s ASX 200 rose by 0.43% to 8,698.40.
Shanghai’s SSEC dropped by 0.90% to 3,777.46. Shenzhen’s SZI plunged by 1.91% to 12,379.70, while Hong Kong’s HSI increased by 0.96% to 24,013.05.
The U.S. stock markets edged down on Thursday as NASDAQ slumped by 1.25% to 27,193.34. S&P 500 lost 0.47% to 7,765.36, while the Dow Jones Industrial Average (DJIA) climbed by 0.10% to 51,231.64. VIX surged 2.19% to 15.41.
As for commodities, oil prices settled higher on Thursday as geopolitical tensions in the Middle East resurfaced and the risk of supply interruptions increased ahead of a hurricane tracking toward the U.S. Gulf Coast. Brent crude climbed $4.08, amounting to a 4.1% rise and closing at $104.28 per barrel. U.S. West Texas Intermediate crude added $3.21, or 3.6%, to reach a settlement of $91.49.
This morning, Brent futures contracted 78 cents, or 0.75%, to $103.50 per barrel, and WTI futures decreased 55 cents, or 0.60%, to $90.94 per barrel.
Meanwhile, gold futures advanced by 0.93% to $4,195.50 per Troy ounce.
