AI And Technology Stocks Hold Firm Despite Nvidia Uncertainty
By Zufazlin Baharuddin
KUALA LUMPUR, Nov 13 (Bernama) -- Artificial intelligence (AI) and technology stocks on Bursa Malaysia remained resilient in early trading today, shrugging off concerns surrounding leadership uncertainty at US-based chipmaker Nvidia.
Nvidia announced on Nov 12 that its co-founder Jensen Huang had resigned as president, chief executive officer (CEO) and board member with immediate effect, ending his 33-year tenure at the company.
Its board appointed executive vice-president and chief financial officer Colette Kress as interim CEO, while Harvey C. Jones was named the company's first board chairman.
The leadership transition came amid heightened investor concerns about the global AI industry's outlook, with Nvidia shares facing selling pressure following the announcement.
The development also prompted investors to reassess their exposure to the AI investment ecosystem, given Nvidia's prominent position in supplying advanced chips used in AI development and data centres.
On Bursa Malaysia, however, selected AI-related and technology stocks remained resilient, with sustained buying interest suggesting that investors continued to focus on the sector's longer-term growth prospects.
Among AI related stocks were YTL Power International Bhd which operates a major AI data centre in Johor powered by Nvidia processors; Gamuda Bhd, which has exposure to the AI sector through data centre construction and digital infrastructure development; and Cloudpoint Technology Bhd.
The technology stocks included Vitrox Corporation Bhd, Frontken Corporation Bhd and Inari Amertron Bhd.
At 11.37 am, YTL Power was flat at RM4.40, with 7.50 million shares traded; Gamuda slid seven sen to RM4.61, with 3.52 million shares traded; and Cloudpoint was unchanged at 43.5 sen, with 62,700 shares traded.
Meanwhile, Vitrox rose one sen to RM10.20 with 821,100 shares traded; Frontken improved two sen to RM4.93 with 2.59 million shares traded; and Inari expanded two sen to RM2.19, with 2.46 million shares traded.
Berjaya Research Sdn Bhd head of research Kenneth Leong said AI and technology stocks rebounded despite the leadership upheaval at Nvidia following Huang's resignation.
He said the performance suggested that investors were beginning to look beyond the immediate uncertainty and refocus on the sector's broader AI growth prospects.
“Also, bargain hunting following recent share price weakness provided additional support to the sector today,” he told Bernama.
-- BERNAMA