Nikkei ends higher on chip stocks

Japan’s Nikkei share average closed higher on Friday after two straight sessions of losses as chip-related stocks tracked artificial intelligence chip giant Nvidia.

The Nikkei rose 0.68% to close at 38,283.85, but was down 1.6% on the week. The broader Topix gained 0.51% to 2,696.53, but was down 1.06% on the week.

“Nvidia’s gains lifted sentiment and investors repurchased Japanese stocks,” said Naoki Fujiwara, general manager at Shinkin Asset Management.

The Nikkei hit a low of 37,945.21 on Thursday, falling below 38,000 for the first time since Nov. 1, and closing at its lowest since Oct. 25.

Wall Street’s biggest company, Nvidia, rose 0.5% after swinging after earnings on Wednesday. The semiconductor index rose 1.6%.