Hang Seng Index dives amid AI and war concerns

Asian stocks struggled to stay above water in early trade on Thursday, as tech earnings optimism provided only fleeting support amid lingering concerns over artificial intelligence and uncertainty in the Gulf. In Hong Kong, the benchmark Hang Seng Index opened 138 points, or 0.58 percent, down at 23,513 before losses expanded. On the mainland, the Shanghai Composite Index opened up 1 point, at 3,714. The Shenzhen Component Index opened down 14 points, or 0.12 percent at 11,690. The ChiNext Index fell 6 points, or 0.25 percent, to 2,687. In the US market, Meta reported third-quarter revenue that beat expectations, while AI server maker Super Micro forecast quarterly revenue and profit margin that both topped estimates. However, Meta's plan to issue non-voting class C common stock drew renewed scrutiny on AI spending. "There's a lot of noise out there at the moment and investors are still digesting this morning's results," said Kyle Rodda, senior financial market analyst at Capital.com. "Also, we're really only at the start of the meaty part of earnings season, which is coming at the same time that investors are tackling the uncertainty from an upcoming Fed decision, geopolitical risks, and US midterms." In a sign of subdued risk sentiment, the yield on benchmark 10-year...