MediaTek Climbs, Alibaba Drops, IHI Declines

Today's biggest winners and losers in the stock market.

- Taiwan’s Taiex index rises as much as 3.2% as the tech-heavy market tracks a regional rally while Nvidia CEO Jensen Huang’s resignation removes some uncertainties. MediaTek climbed as much as 10%.

- Chinese artificial intelligence stocks tumbled on concerns that cloud operators’ access to advanced chips may face tighter US scrutiny amid the escalating espionage and leadership controversy surrounding Nvidia. Alibaba slumped as much as 7.3%, dragging the Hang Seng Tech Index lower.

- Japanese defense stocks such as IHI and Kawasaki Heavy Industries declined on a report that the government plans a ¥50t to ¥60t target range for defense spending over the next five years. IHI shares fell as much as 8.4%.

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