Buying in AI and chip shares lifts the Nikkei for a fourth day

2026-08-14

U.S. stocks rise, rate-hike bets ease

In Tokyo trading on the 14th, the Nikkei Average rose for a fourth straight session, closing the morning at 68,889.01, up 580.42 yen. Following gains in U.S. tech shares the previous day, buying concentrated in artificial intelligence (AI) and semiconductor-related stocks. Advantest updated its record high for a second straight day, bolstering expectations of a renewed AI rally.

On the U.S. market on the 13th, the S&P 500 hit a record high for the first time in about a week. The July U.S. Producer Price Index (PPI) failed to meet market expectations, reducing speculation that the Federal Reserve would raise rates early. Tetsuhiko Masuzawa, head of trading in the equities department at Phillip Securities, said sentiment among investors who had held back buying risk assets out of concern about an early U.S. rate hike improved, which led to buying in Japanese stocks.

Buying in semiconductors and AI-related names

Advantest stood out on the 14th, rising as much as 7.76% to 38,730 yen and updating its all-time closing high for a second consecutive day. Nomura Securities on the 13th raised its target price for the company to 42,400 yen, an upward revision of 11,800 yen from its previous view. Kazuyoshi Saito, senior analyst at IwaiCosmo Securities, said Advantest shares, which led the market from early spring through June, 'symbolize a revival in the AI rally.'

Kioxia Holdings surged as much as 8.64% at one point. On the 13th, SanDisk told investors at a briefing that it expects revenue to keep growing at an annual rate in the mid- to high-teens percent range from fiscal 2028 through fiscal 2030, renewing focus on the memory market's growth potential. Panasonic Holdings also drew attention as an AI-related name, rising more than 6% at one point and updating its July all-time high. A fund manager at a UK asset management company cited the growth potential of its battery business for AI data centers and its corporate reforms. Sony Group, which has strength in image sensors, also rose more than 5%.

Broad buying spreads across stocks

Content-related names such as Konami Group, Nintendo and Bandai Namco Holdings were also bought. In the Tokyo Stock Exchange Prime Market, about 70% of listed issues advanced, while the Tokyo Stock Price Index (TOPIX), which covers a broader range of stocks than the Nikkei Average, also gained nearly 1%. Consecutive record highs are now in sight.

In terms of price movements from June 25, when the Nikkei Average hit a record high, to August 13, 80% of component stocks outperformed the index. From the end of 2025 through June 25, the share of stocks that outperformed had been just under 20%. Recently, a structure has been taking shape in which a wide range of industries is supporting the Nikkei Average's rise. Hideyuki Ishiguro, chief strategist at Nomura Asset Management, said the market rise is healthier than the June rally, when gains were concentrated in AI and semiconductors, and expressed hopes for a recovery to and stabilization in the 70,000-yen range.

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