Asian shares trade mixed as AI excitement fades and war worries continue
[May 13, 2026] By
YURI KAGEYAMA
TOKYO (AP) — Asian shares traded mixed Wednesday, as fading enthusiasm
over AI and other technology stocks gradually put the brakes on Wall
Street’s record-setting run.
Japan's benchmark Nikkei 225 edged up 0.8% in afternoon trading to
63,244.43.
South Korea's Kospi index surged 2.7% to 7,849.21, recouping recent
losses. The Kospi sank 2.3% earlier in the week from an all-time high
after a senior figure in the administration suggested the government may
redistribute windfall AI profits from companies to citizens. Analysts
said some investors were snatching the shares that got sold as the
actual impact of the remarks was still unclear.
Australia's S&P/ASX 200 lost 0.5% to 8,630.40. The Hang Seng was little
changed, slipping less than 0.1% to 26,335.30, while the Shanghai
Composite rose 0.6% to 4,240.79.
“Corporate earnings and AI momentum are acting as the market’s primary
shock absorbers, but the road is getting significantly rougher,” said
Tim Waterer, chief market analyst at KCM Trade.
“With oil prices becoming entrenched at elevated levels and a diplomatic
breakthrough between the U.S. and Iran remaining elusive, the easy
bullish narrative is becoming much harder to maintain.”
In energy trading, benchmark U.S. crude fell $1.30 to $100.88 a barrel.
Brent crude lost $1.33 to $106.44 a barrel.
Those prices are still way above what they were before the war with
Iran, which threatens to drag on, the ceasefire looking more tenuous.
Brent has surged from roughly $70 per barrel before the war. The war has
essentially shut the Strait of Hormuz to oil tankers.
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A dealer walks past near the screens showing the foreign exchange
rates at a dealing room of Hana Bank in Seoul, South Korea,
Wednesday, May 13, 2026. (AP Photo/Lee Jin-man)
 On Wall Street on Tuesday, the S&P
500 fell 0.2% from its all-time high set the day before. The Dow
Jones Industrial Average added 56 points, or 0.1%, while the Nasdaq
composite sank 0.7% from its own record.
Some of the sharpest drops hit chip companies and stocks that have
been on electric runs because of the artificial-intelligence boom.
Intel slumped 6.8% after seeing its stock more than triple so far
this year. Micron Technology dropped 3.6%.
Treasury yields rose in the bond market following an initial zigzag,
suggesting traders suspect the Federal Reserve will keep interest
rates high to combat inflation. The yield on the 10-year Treasury
rose to 4.45% Tuesday from 4.42% late Monday and remains well above
its 3.97% level from before the war. Traders expect the Fed Reserve
to keep its main interest rate steady.
All told, the S&P 500 fell 11.88 points to 7,400.96. The Dow Jones
Industrial Average added 56.09 to 49,760.56, and the Nasdaq
composite sank 185.92 to 26,088.20.
In currency trading, the U.S. dollar rose to 157.74 Japanese yen
from 157.59 yen. The euro cost $1.1726, inching down from $1.1744.
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