Asian stocks finish mixed as Nvidia leadership turmoil and Anthropic IPO speculation set the backdrop

• Gains in Japan’s Nikkei 225 and China’s Shanghai Composite contrast with declines in Hong Kong’s Hang Seng and South Korea’s KOSPI.
• Ahead of the Trump-Xi summit, the resignation of Nvidia CEO Jensen Huang raises concerns that the US could tighten chip export restrictions.
• With Anthropic’s forthcoming IPO already six times oversubscribed, robust investor appetite lifts Japanese technology shares.

A 0.91% advance took Japan’s Nikkei 225 Index to around 61,370 on Friday, while China’s Shanghai Composite added 0.22% to reach 3,660. The gains came amid a mixed session for Asian equities: Hong Kong’s Hang Seng Index lost 0.82% to 23,810, and South Korea’s KOSPI slipped 0.49% to near 5,320.

Worries about the upheaval in Nvidia’s leadership and its possible implications for China’s technology sector pushed Hong Kong’s Hang Seng Index lower, outweighing a wider rebound in regional semiconductor stocks. Following reports of extramarital affairs, the scandal led to the departure of Nvidia CEO Jensen Huang, with CFO Colette Kress taking over as interim CEO. The developments have rekindled concerns about tighter US export curbs and disruptions to supplies of advanced chips for Chinese AI developers.

Caution ahead of next week’s Shenzhen summit between United States (US) President Donald Trump and Chinese President Xi Jinping left mainland Chinese equities divided. The Shanghai Composite advanced, but the Shenzhen Component eased. Fresh uncertainty surrounds the high-stakes talks after allegations about Huang’s links to a suspected Chinese spy threatened to revive bilateral tensions over semiconductor trade. Those allegations could provide US lawmakers with further grounds to press for tougher technology controls.

Although the technology-heavy Kosdaq advanced, South Korea’s benchmark KOSPI surrendered its early gains. Trading in leading AI beneficiaries was subdued: SK Hynix was unchanged, while Samsung Electronics edged up. Reports indicated that Samsung Electronics is discussing the acquisition of US-listed data centre cooling provider Modine Manufacturing as it seeks to broaden its AI infrastructure presence.

In Japan, reassessment of the wider implications of Nvidia’s leadership changes for artificial intelligence helped drive a rally in the Nikkei 225 Index. Kioxia Holdings, Advantest and Tokyo Electron were among the technology and AI-linked shares leading the recovery. Support came from keen market anticipation of Anthropic’s IPO next week, with orders already amounting to roughly six times the shares available.

Rising geoeconomic tensions heighten China chip trade risks

The repercussions of the Nvidia saga may reach beyond stock market volatility and into the wider geoeconomic landscape, Rabobank warns. Its analysts caution that “even worse, if the US decision to look the other way on chip sales was a geoeconomic bribe to ensure Chinese rare earths and help in geopolitics, then things could get far more turbulent,” highlighting the danger that a review of export-control enforcement could destabilise already vulnerable supply chains and dependencies on strategic resources.