HK stocks up amid fears over returns from AI build-out

Tech shares slumped in Asia on Friday, the yen rose and bonds surged towards their biggest monthly gain in nearly three years as investors scurried to safety against worries that huge and rising AI spending may not deliver sufficient returns. In Hong Kong, the benchmark Hang Seng Index opened up 52 points, or 0.23 percent, at 23,011. The China enterprises index rose 23 points, or 0.31 percent, to 7,779 while the tech index fell 23 points, or 0.63 percent, to 3,720. Up north, the benchmark Shanghai Composite Index opened down 45 points, or 1.25 percent, at 3,605. The blue-chip CSI300 headed for its largest monthly fall in a decade, after nearly four months of AI stocks tanking on fears that a slowdown in demand for chips and other data centre equipment could crush revenues. The Shenzhen Component Index fell 267 points, or 2.4 percent, to 10,871 while the ChiNext Index plunged 3.29 percent to 2,434. In Tokyo, the Nikkei opened 315 points, or 0.49 percent, down at 64,344 and was 1,742 points lower at one stage before noon as the tech-heavy 225 benchmark tracked overnight losses on Wall Street and was given additional impetus by late earnings from Amazon.com and Intel that showed massive cash burns. In...